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

-β€œThe 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.”

-β€œ1331/34 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.

Investopedia makes you smarter.
Sign up for the News to Use newsletter for the latest in expert analysis, market insights and news.