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Gold to Face Resistance From Former Supports

Gold to Face Resistance From Former Supports

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_gold_body_gold.png, Gold to Face Resistance From Former Supports

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0New to FX?Know Your Trader IQ

Commodity Analysis: I wrote yesterday that “the resistance zone extends to 1619. 1597-1619 represents the fourth wave of one less degree, which often identifies the end of a corrective move (in this case, gold rallies are corrective)” Gold has reached the top of the zone in just 1 day. Something else may be going on, especially when one considers sentiment as indicated by COT.

Commodity Trading Strategy: Yesterday’s strategy note that “shorts are favored again on a rally to 1618 with a stop at 1655” remains valid (target is test of last week’s low) but understand that sentiment reversing from an extreme increases the risk that the short idea will fail. Moving to breakeven or at least a 1620 stop on a drop below 1602 is a good idea. Additional resistance would be former supports at 1626 and 1639 and support is 1576.

LEVELS: 1555 1576 1602 1626 1639 1652

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.