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Gold Fails to Confirm New High in Silver Market

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_gold_body_gold.png, Gold Fails to Confirm New High in Silver Market

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold has exceeded the 9/30 high. The area that surrounds 1350 has been an important pivot (support/resistance) in recent months. If a pullback is going to materialize, then this is the place for it to happen.

-The minor trend should be considered higher against 1310 but a drop below there would present the swing trader with an opportunity to buy against the Oct low. Supports are 1294 and 1282.

Trading Strategy: Allow for at least several days to a week of sideways/down action and maybe from slightly higher prices before looking for a low.

LEVELS: 1310 1327 1336 | 1362 1375 1395

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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30 October 2013 22:11 GMT