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Gold Trying to Get Comfortable above 1600

By DailyFX,  August 20, 2012, 04:52:00 PM EDT

Daily Bars

Prepared by Jamie Saettele, CMT

No change: "A bearish triangle remains favored (headed lower from current level) but presentation of an alternate count is appropriate. The alternate would treat consolidation from 1640.80 as a B wave triangle. A break above 1640.80 would confirm that wave C is underway towards 1700 (Fibonacci extension is just below that level and the 2/10 low is just above 1700)."

LEVELS: 1555 1563 1584 1629.50 1640.80 1700

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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:



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