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Gold Pullback Underway after 2 Week Advance?

Gold Pullback Underway after 2 Week Advance?

2013-10-29 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_gold_body_gold.png, Gold Pullback Underway after 2 Week Advance?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Gold has exceeded the 9/30 high. The area that surrounds 1350 has been an important pivot (support/resistance) in recent months. 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: Momentum is slowing. 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: 1310 1327 1336 | 1364 1375 1395

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