Gold Doji Forms after Daily Key Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Gold formed a doji following the large range key reversal. Remember, 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. We’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.