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Gold Weekly Key Reversal

Gold Weekly Key Reversal

2013-05-28 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly

eliottWaves_gold_body_gold.png, Gold Weekly Key Reversal

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 last week. 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. Recent chop could be the beginning of gold forming a bullish base. Chalk the weekly key reversal up as bullish evidence.

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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