Gold Trading at 10 Day EMA; Level Has Been a Pivot Before
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Gold reached channel resistance and pulled back last week. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.
-The 10 day EMA is holding as support for now (closing basis). In trends, this average has tended to serve as support/resistance.
Trading Strategy: Looking for resumption of long term weakness as per the 3 wave advance from 1180 and near equality of the legs from the low. No trade setup yet.
LEVELS: 1318 1352 1373 | 1417 1424 1440
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.