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Gold Bounces after Test of Channel Support

Gold Bounces after Test of Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Bounces after Test of Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: No change – “Gold’s rally reversed gains after running into former lows and channel resistance. Gold’s advance is better than silver’s, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market.”

Commodity Trading Strategy: The response at channel support makes me wary of being short. Moving to flat.

LEVELS: 1267 1282 1306 1332 1350 1395

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

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