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Gold Testing Tried and True Meridian Line

By , Sr. Technical Strategist
05 February 2014 00:30 GMT

Weekly

eliottWaves_gold_body_Picture_3.png, Gold Testing Tried and True Meridian Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The yellow metal is leading the way with respect to risk aversion and the move above trendline resistance may indicate a shift towards risk aversion.”

-1231 remains the trend defining level. A drop below would open up 1219 and perhaps 1206 as part of a larger bottoming process at best and continuation of the long term downtrend at worse.

LEVELS: 1219 1231 1244 | 1260 1270 1279

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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05 February 2014 00:30 GMT