Gold Churning but Holding Gains

By DailyFx | Updated July 30, 2014 AAA

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.

Related Forex Analysis
  1. Gold Approaching Monthly Low, US Dollar May Correct Downward
    Forex News

    Gold Approaching Monthly Low, US Dollar May Correct Downward

  2. Silver Slumps To Fresh 2014 Low, WTI Within Striking Distance Of $80
    Forex News

    Silver Slumps To Fresh 2014 Low, WTI Within Striking Distance Of $80

  3. Gold Wave 5 Low Coming
    Forex News

    Gold Wave 5 Low Coming

  4. Gold Markets React to Federal Reserve
    Investing

    Gold Markets React to Federal Reserve

  5. Gold Closes Below $1220 on Fed Language
    Investing

    Gold Closes Below $1220 on Fed Language

Trading Center