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Drop Daily Range is Large but End of Day Little Changed

Drop Daily Range is Large but End of Day Little Changed

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_gold.png, Drop Daily Range is Large but End of Day Little Changed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Gold didn’t quite trade to new lows but silver did on Monday. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold’s low was also at a downward sloping trend channel. It’s best to turn neutral.

Commodity Trading Strategy: Flat

LEVELS: 1307 1322 1354 1420 1439 1470

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

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