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Gold May Face The ‘Meridian’ Line Again as Resistance

Gold May Face The ‘Meridian’ Line Again as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_gold_body_gold.png, Gold May Face The ‘Meridian’ Line Again as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: To review, “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.” Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1440 this week.

Commodity Trading Strategy: Flat

LEVELS: 1321 1367 1394 1439 1470 1500

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

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