DailyFX.com -

Daily

Gold Gets Relief after Trendline Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support).” Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335.”

-Failure to hold the 200 DMA isn’t a good sign although the last hope for bulls near term is the trendline. Ultimately, it may be that gold has been tracing out a triangle since Dec 31st of 2013 that leads to new lows.

--Tradingideas are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  2. Forex News

    Gold Holds Key Support- NFPs to Shape August Opening Range

  3. Forex News

    Crude Oil Under Pressure Anew, SPX 500 Aims to Extend Recovery

  4. Forex News

    Commodities Reverses Gains as Dollar Firms after Fed and GDP Data

  5. Forex News

    Gold Prices Remain at Risk for Weakness

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!