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Gold Takes a Seat on Channel Support

Gold Takes a Seat on Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Takes a Seat on Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold reversed from channel resistance 2 weeks ago. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.

-Price broke the 9/2 low. The 7/24 high, channel support, and 8/20 low are in focus at 1347-1352. Weakness below there would suggest that the rally from 1180 is complete.

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. Resistance is 1375. Shorts favored into that level against 1400.

LEVELS: 1301 1318 1352 | 1375 1384 1393

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

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