Gold Resistance Expected at 1620/40
300 Minute Bars
Prepared by Jamie Saettele, CMT
My latest comments were that "gold continues to decline and the rest of the world is finally noticing (after it's down 20% from the top). As such, we could get bounces but I maintain that the larger trend is down and rallies should be sold. It's a matter of time until the September low is broken…" The bounce from 1560 could reach 1620/40. Shorts are favored into that zone (watch the Elliott channel as well) in anticipation of a test of the September low at 1530.
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.
