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Gold Support WOULD Be at 1580

Daily 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). Currently at the 161.8% extension of the rally from the May low, this level may produce an interim top. Coming under 1603 would shift focus to 1580. Until then, I want no part of the short side.

Trend Strength (M,W,D) - 3 , 2, 1

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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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