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Gold 1350 Still Likely Resistance if Reached

Gold 1350 Still Likely Resistance if Reached

2013-09-26 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_gold_1_body_gold.png, Gold 1350 Still Likely Resistance if Reached

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. If that rally never materializes, then a head and shoulders breakdown may come into play.

LEVELS: 1273 1299 1316 | 1340 1349 1357

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