Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold turned higher after failing to confirm the drop below October’s low in silver.
-The rally from Tuesday’s low is impulsive (5 waves…you can see it on an hourly chart). Estimated support is 1267-1278.
Trading Strategy: “The combination of support in metals, the mentioned non-confirmation, and Wednesday’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.”
LEVELS: 1251 1267 1278 | 1290 1306 1314
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.