Gold Reverses from Fibonacci Level and 200 DMA

By DailyFx | Updated August 07, 2014 AAA

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Gold Reverses from Fibonacci Level and 200 DMA

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.”

-“Weakness has stalled at the 200 DMA (also the 61.8% of the advance from the June low). I’m looking for a turn higher.” Look towards 1366.

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

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