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Gold Responds to Well-Defined Trendline Resistance

Gold Responds to Well-Defined Trendline Resistance

2013-10-08 23:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_gold_1_body_gold.png, Gold Responds to Well-Defined Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A head and shoulders top was confirmed last Tuesday (Wednesday’s reversal 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.

-Price has responded to trendline resistance.

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

LEVELS: 1273 1285 1308 | 1340 1349 1357

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

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