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Gold Has Retraced Most of Monday’s Decline

Gold Has Retraced Most of Monday’s Decline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Has Retraced Most of Monday’s Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: Gold is nearing its first big test since longs were established in late February. 1620/25 might trigger a reaction (although I’d expect it to be minor). Stronger resistance is probably 1639-1652, which are former pivots that intersect trendlines starting next week. 1585 remains support.

Commodity Trading Strategy: Long against 1575, target is 1650

LEVELS: 1555 1576 1585 1620 1639 1652

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

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