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Gold Decline Still Corrective – Thus Far

Daily Bars

Prepared by Jamie Saettele, CMT

It remains possible that the rally in gold is corrective but price has exceeded the 61.8% retracement and extended from its 20 day average so respect potential for one more high to complete the 5 wave advance from the January low. A 5 wave decline from 1555 is required in order to suggest that the larger trend is down. Weakness to this point is corrective.

Support/Resistance Index (M,W,D) - 0, 0, 0

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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 .

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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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