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Gold Sinks into Friday Low; Deep Retracement of Rally Underway

Gold Sinks into Friday Low; Deep Retracement of Rally Underway

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gold_1_body_gold.png, Gold Sinks into Friday Low; Deep Retracement of Rally Underway

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: “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.” The drop below Friday’s low reinforces the idea that gold is at least in for a deep retracement of the rally from the June low.

Commodity Trading Strategy: Short, trail stop to 1322 (from 1355), targets 1270 and 1235

LEVELS: 1267 1282 1306 1315 1350 1395

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

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