More from DailyFX

Gold Slips but Larger Break Expected Soon

By DailyFX,  June 20, 2012, 06:09:00 PM EDT

Weekly Bars

Prepared by Jamie Saettele, CMT

No change as gold is sloshing back and forth aimlessly before the next big move (down?). "The latest move off of the high is impulsive (5 waves) which favors lower prices from the current level to at least Friday's low at 1553. The bearish RSI reversal signal that was in place for gold last week is now in place for USD crosses." The mentioned 5 wave decline was succeeded by a 3 wave advance into former congestion (resistance). Look lower as long as price is below 1641. Exceeding that level would shift focus to the May high at 1672.

LEVELS: 1527 1553 1584 1641 1672 1697

forex news currency trading


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

An Orchestra Walks Into a Bar...
An Orchestra Walks Into a Bar...    
Tutu Scoops Templeton Prize
Tutu Scoops Templeton Prize         
Death at Notre Dame
Death at Notre Dame                 


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.44 0.07  0.52%
F $ 14.95 0.10  0.66%
CLWR $ 3.40 0.14  4.29%
SIRI $ 3.515 0.02  0.43%
MSFT $ 34.85 0.23  0.66%
CSCO $ 24.01 0.07  0.27%
MRK $ 47.33 2.12  4.69%
PFE $ 28.78 0.08  0.28%