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Gold Retraced Portion of Tuesday Drop; 1350 Remains Key

Gold Retraced Portion of Tuesday Drop; 1350 Remains Key

Jamie Saettele, CMT, Sr. Technical Strategist

Gold

eliottWaves_gold_1_body_gold.png, Gold Retraced Portion of Tuesday Drop; 1350 Remains Key

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A head and shoulders top was confirmed on Tuesday (Wednesday’s advance raises the possibility of the pattern failing) 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, risk is 1355. The h&s target is 1150 (basically a test of the lows).

LEVELS: 1234 1272 1297 | 1323 1352 1375

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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