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.

Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. Gold Rallies on PBOC, ECB Surprise Easing -1207 Key Resistance
    Forex News

    Gold Rallies on PBOC, ECB Surprise Easing -1207 Key Resistance

  3. Gold Remains Range-Bound
    Investing

    Gold Remains Range-Bound

  4. Dollar Draws Limited Reassurance from CPI Uptick, Fed Surveys
    Forex News

    Dollar Draws Limited Reassurance from CPI Uptick, Fed Surveys

  5. Crude Oil Trying to Bounce, US Dollar May Correct Downward
    Forex News

    Crude Oil Trying to Bounce, US Dollar May Correct Downward

Trading Center