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Gold Trades into June High and Channel Resistance

Gold Trades into June High and Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Trades into June High and Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: “Gold has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.” 1424 has been reached and channel resistance is just above.

Commodity Trading Strategy: At resistance so would be looking for signs of a top up here. Would look for support at recent congestion in the 1370s.

LEVELS: 1352 1369 1389 1424 1440 1488

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

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