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Gold Breaks Signficant Support

Gold Breaks Signficant Support

2013-10-01 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold

eliottWaves_gold_1_body_gold.png, Gold Breaks Signficant Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A head and shoulders top was confirmed today with the break of the neckline (a more conservative approach is to wait for 1272 to break however). The objective is below the June low of 1180 at 1150.

-Possible supports along the way are the August low at 1272, channel support, and the 6/28 close at 1234.

Trading Strategy: Short, can tighten risk to 1355. The h&s target is 1150 (basically a test of the lows).

LEVELS: 1208 1234 1273 | 1305 1320 1352

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