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Gold In Center of Range – But Breakdown Still Favored

300 Minute Bars

Prepared by Jamie Saettele, CMT

"Gold plunged last week and reversed just shy of its 200 day average, which hasn't been reached in over 2 years! An impulse is unfolding from the high so expectations are for this rally to reverse near the current level and for gold to drop in a 5 th wave to a new low." After reversing at 1677.70, gold has dropped into the center of its range. Look lower in a 5 th wave towards 1500 and 1478 (July low).

Trend Strength (M,W,D) - 3 , 0, (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream . A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market . Send requests to receive his reports via email to jsaettele@dailyfx.com and follow hom on Twitter @JamieSaettele.

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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 Nasdaq, Inc.


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

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