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Gold Nears Major Confluence of Resistance

Gold Nears Major Confluence of Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Nears Major Confluence of Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: Gold broke through the July high and has entered a zone of consolidation that took place in mid-June. The consolidation stretches from 1365 to 1395. The top of this zone is a confluence of trendlines. The trade above July’s high makes August the first month since October 2012 for price to exceed the prior month’s high.

Commodity Trading Strategy: Flat

LEVELS: 1339 1347 1358 1384 1395 1424

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

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