Gold Rally is Rejected by 1350
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The ‘no taper’ has nearly been completely retraced.
-The underside of former channel support along with the 21 day average acted as resistance at 1375. The 61.8% retracement of the decline from the 8/28 is slightly higher at 1379.
-A head and shoulders top is a possibility.
Trading Strategy: Wrote last update that “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.” Short, against 1376. The h&s target is 1150.
LEVELS: 1273 1299 1316 | 1340 1349 1357
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