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Gold Breaks Channel Support; Larger Bear Resumption?

Gold Breaks Channel Support; Larger Bear Resumption?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Breaks Channel Support; Larger Bear Resumption?

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 and channel support. Near term focus is 1300-1315. Bearish break is valid below 1368.

-1334/38 is resistance for Friday.

Trading Strategy: Never got triggered on 1375 shorts. Looking to start short position at 1334.

LEVELS: 1273 1300 1315 | 1334 1368 1393

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

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