Gold Looks Poised to Test Recent Highs

60 Minute Bars

Prepared by Jamie Saettele, CMT

Until gold breaks one way or the other, there is very little to say about the metal - "It remains possible that the rally in gold is corrective but price has exceeded the 61.8% retracement so respect potential for one more high to complete the 5 wave advance from the January low. A 5 wave decline from 1555 is required in order to suggest that the larger trend is down. Weakness to this point is corrective and gold has is back above its 20 day average (intraday) so I continue to respect the upside."