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Gold 1367 an Important Closing Level for Gold

Gold 1367 an Important Closing Level for Gold

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_gold.png, Gold 1367 an Important Closing Level for Gold

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. 1367 is estimated support. Failure to hold that level on a daily closing basis would be worrisome.

Commodity Trading Strategy: Flat

LEVELS: 1307 1321 1367 1414 1440 1470

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

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