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Gold Reverses Through Trendline; Resistance at 1330

By , Sr. Technical Strategist
17 October 2013 22:18 GMT

Daily

eliottWaves_gold_1_body_gold.png, Gold Reverses Through Trendline; Resistance at 1330

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold followed through on Tuesday’s large range key reversal.

-Gold also broke through the trendline that originates at the August high. The line connects the 8/28 and 9/19 highs and crosses through 9/30 and 10/8. The top side of this line now becomes support.

Trading Strategy: Trailed out of multi-week short. Will be looking to go long on setbacks below 1300.

LEVELS: 1282 1290 1304 | 1330 1338 1352

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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17 October 2013 22:18 GMT