Gold Trades Through Initial Support; 1310 of Interest as a Support
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: 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: 1282 1294 1310 | 1335 1352 1362
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