Gold Sitting on 200 Day Average

By DailyFx | Updated August 05, 2014 AAA

DailyFX.com -

Daily

Gold Sitting on 200 Day Average

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.

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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Forecast: Dollar Faces NFPs, Euro Anticipating Greece and Risk Languishes

  2. Forex News

    Gold Stretches Into Key Resistance - April Outlook Hinges on Fed, NFP

  3. Investing

    Gold Trims Gains After Upbeat U.S Data

  4. Forex News

    Gold Extends Above 1200 Figure, SPX 500 Selloff Pauses to Digest

  5. Forex News

    Crude Oil Rebound Accelerates, 5-Month SPX 500 Uptrend at Risk

Trading Center