Gold Gets Relief after Trendline Test

By DailyFx | Updated August 26, 2014 AAA

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

    Scalp Webinar: USD Risks Fresh Lows Ahead of Slowing GDP, FOMC

  2. Forex News

    Gold Nears Top Confirmation, SPX 500 Falls Short of Range Breakout

  3. Investing

    Gold Drops to 1-Month Low

  4. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  5. Forex News

    Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

Trading Center