Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

Gold Outside Day Reversal; Bears Taking Over Again?

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

Daily

eliottWaves_gold_body_gold.png, Gold Outside Day Reversal; Bears Taking Over Again?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: Gold’s rally consists of 2 equal legs (almost exactly). This relationship is typical of corrective movements. Just as important, the level is also defined by the 6/20 close. Volume that day was the 4th highest of the year, behind only 4/12, 4/15-4/16. The current area is also defined by Elliott channel resistance. In other words, there is a lot to push through here. Between here and 1340 is ‘no man’s land’. A push above 1340 would warrant a closer look, possibly offering a chance to buy dips but today’s action offers a chance to go short again.

Commodity Trading Strategy: Order to go short at 1282, stop 1305, target 1200 (looking for a just a test of the low)

LEVELS: 1223 1243 1267 1282 1300 1319

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

17 July 2013 22:40 GMT