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Gold Recovery into 1350s Might Present Short Opportunity

Gold Recovery into 1350s Might Present Short Opportunity

2013-09-24 23:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gold_1_body_gold.png, Gold Recovery into 1350s Might Present Short Opportunity

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’. In the event of a bounce, watch for resistance from 1348 to 1356 to short against 1376.

LEVELS: 1273 1299 1314 | 1332 1346 1357

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