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Gold Trying to Carve a Bullish Base?

Gold Trying to Carve a Bullish Base?

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_gold.png, Gold Trying to Carve a Bullish Base?

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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