DailyFX.com -

Daily

Gold Reverses from Fibonacci Level and 200 DMA

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.”

-“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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Dollar Rally Extends And Breaks Key Levels Along the Way

  2. Forex News

    Gold Drops Below 1200 Anew, SPX 500 Threatens 2-Month Uptrend

  3. Investing

    Gold Remains Flat

  4. Forex News

    Gold, Crude Oil Waiting for Breakout from Tight Congestion Ranges

  5. Investing

    Gold Fails to Break Out of Its Narrow Range

Trading Center