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Gold 1350 Has Been an Important Pivot Since July

Gold 1350 Has Been an Important Pivot Since July

2013-10-24 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_gold_body_gold.png, Gold 1350 Has Been an Important Pivot Since July

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold is testing the 9/30 high or more generally, the 1350 area. The area that surrounds 1350 has been an important pivot (support/resistance) on multiple occasions since July (circled). If a pullback is going to materialize, then this is the place for it to happen.

-The minor trend should be considered higher against 1310 but a drop below there would present the swing trader with an opportunity to buy against the Oct low. Supports are 1294 and 1282.

Trading Strategy: Allow for at least several days to a week of sideways/down action and maybe from slightly higher prices before looking for a low.

LEVELS: 1318 1327 1337 | 1352 1364 1375

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

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