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Gold Down for 3rd Day as 10/2 Rally is Almost Completely Retraced

By , Sr. Technical Strategist
10 October 2013 20:59 GMT

Daily

eliottWaves_gold_1_body_gold.png, Gold Down for 3rd Day as 10/2 Rally is Almost Completely Retraced

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-A head and shoulders top was confirmed last Tuesday. Last Wednesday’s (10/2) rally raised the possibility of the pattern failing but that rally is nearly completely retraced. The objective is below the June low of 1180 at 1150.

-Possible supports along the way are the August low at 1272, channel support, and the 6/28 close at 1234.

Trading Strategy: Short, risk is1330. Target is 1150 (basically a test of the lows). I’ll continue to trail stops as market action allows.

LEVELS: 1234 1273 1285 | 1315 1330 1354

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10 October 2013 20:59 GMT