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Gold Underside of Former Channel Serves as Resistance

Gold Underside of Former Channel Serves as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Underside of Former Channel Serves as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold rallied over 4% and retraced slightly more than half of the decline from the 8/28 high (in several hours).

-The underside of former channel support along with the 61.8% retracement of the decline from the 8/28 are possible resistance up to 1379.

Trading Strategy: 1275 target wasn’t reached. Market is responding to resistance but more short term evidence needed before acting.

LEVELS: 1323 1335 1348 | 1379 1395 1403

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

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