60 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that "if the recent top is to prove significant, then gold will probably reach the Fibonacci extension at 1710 within the next day or so as weakness extends in 5 waves from the top." This is exciting time for those trading gold (especially bears). Weakness has extended to the Fibonacci level (1710) and consolidation / pullback is favored in wave 4 before a new low is registered in wave 5. 1750/70 is resistance.
Trend Strength (M,W,D) - 3 , 3 , 3
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 firstname.lastname@example.org .