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Gold 2nd Attempt at Follow Through on Reversal Fails

By , Sr. Technical Strategist
27 November 2013 19:36 GMT

Daily

eliottWaves_gold_body_Picture_3.png, Gold 2nd Attempt at Follow Through on Reversal Fails

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Gold’s sliced through the 6/28 close (1234) on Monday before reversing higher and forming an outside day reversal.

-The next few days are critical as follow through (close higher than today) would increase evidence that a near term low is in place. Tuesday and Wednesday’s attempts both failed.

Trading Strategy: Flat

LEVELS: 1180 1208 1230 | 1253 1261 1269

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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27 November 2013 19:36 GMT