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Gold Trades Through Initial Support; 1310 of Interest as a Support

By , Sr. Technical Strategist
31 October 2013 21:51 GMT

Daily

eliottWaves_gold_body_gold.png, Gold Trades Through Initial Support; 1310 of Interest as a Support

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: 1282 1294 1310 | 1335 1352 1362

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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31 October 2013 21:51 GMT