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Gold Dip Underway; Former Range High at 1279 is Now Support

By , Sr. Technical Strategist
19 February 2014 21:59 GMT

Daily

eliottWaves_gold_body_Picture_3.png, Gold Dip Underway; Former Range High at 1279 is Now Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold has responded to the November high, former trendline support (line that extends off of the June and October lows) and channel resistance. The market followed up on Tuesday’s outside day with a down day so respect the potential for additional weakness.

-The next major resistance is probably the October high at 1362.

LEVELS: 1286 1296 1304 | 1322 1334 1352

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

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19 February 2014 21:59 GMT