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Gold Support at Gap Level of 1670

300 Minute Bars

Prepared by Jamie Saettele, CMT

Gold traded as high as 1780 overnight and this dip is expected to find support before 1640 (latest pivot low). The 8/4 high at 1682.20 and 8/5 high at 1670.09 are now supports. The next upside objective is the 161.8% extension of the rally from 1581.05 to 1682.03 - at 1803.84.

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

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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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