Markets

Gold Powers Higher – Support at 1652

60 Minute Bars

Prepared by Jamie Saettele, CMT

Focus remains on the long term (multiyear) trendline, which is at 1686 this week (increases about $5 a week). A traditional measuring technique reveals a longer term objective o f 1692.05 (adding width of consolidation to breakout level). Coming under 1607 would shift focus to 1580. Until then, I want no part of the short side. Support is 1650.

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

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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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