DailyFX.com -

Daily

Gold Churning but Holding Gains

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. Above 1283 would suggest that the larger trend has reversed.”

-“1331/34 is probably a reaction level but stronger resistance is seen from possible bearish triangle resistance at 1366.” 1331 is providing resistance, which leaves open the possibility of a deeper drop. 1280 would probably be support.

LEVELS: 1294 1308 1316 | 1327 1334 1342

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Gold Outlook Remains Supportive Above 1200- All Eyes on FOMC, GDP

  2. Investing

    Gold Hovers Near $1205

  3. Forex News

    Crude Oil Levitates to Range Top, SPX 500 Digesting Near Record Highs

  4. Forex News

    Gold Finds 1200 Support

  5. Investing

    Gold Finds Support but Lacks Momentum

Trading Center