Gold Underside of Former Channel Rejects Bulls For Now
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Last Wednesday’s rally ‘no taper’ has nearly been completely retraced.
-The underside of former channel support along with the 21 day average acted as resistance last Thursday. The 61.8% retracement of the decline from the 8/28 is slightly higher at 1379.
Trading Strategy: Failure at the trendline / 21 day average is bearish…especially on supposedly bullish ‘news’. Still, the rally from 1291 is impulsive which leaves the market open to at least a test of last week’s high.
LEVELS: 1234 1273 1299 | 1346 1375/79 1395
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