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Gold Large Range Key Reversal Forms from 3 Month Low

Gold Large Range Key Reversal Forms from 3 Month Low

2013-10-15 20:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_1_body_gold.png, Gold Large Range Key Reversal Forms from 3 Month Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold formed a large range key reversal on Tuesday. Of course, such reversals also formed on 9/18 and 10/2. Tuesday’s action pales in comparison.

-Price continues to trade around the August low at 1272. The 6/28 close at 1234 and channel support (at 1217 on Wednesday) remain downside levels of interest.

Trading Strategy: Short, risk is1315. Target half at 1235. I’ll continue to trail stops as market action allows.

LEVELS: 1234 1250 1260 | 1290 1315 1330

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

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