Gold Faces 1283 but Turn Could be Major

By DailyFx | Updated July 30, 2014 AAA

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Gold Faces 1283 but Turn Could be Major

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”

-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 (pretty good start today).

LEVELS: 1236 1254 1265 | 1277 1283 1293

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

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