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Gold Rebound Would Face 1330 Resistance

Gold Rebound Would Face 1330 Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_gold.png, Gold Rebound Would Face 1330 Resistance

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.” Price has dipped below 1210…look slightly lower towards 1282-1294 for a low.

Trading Strategy: Looking towards 1280-1290…that would be a great place for a low.

LEVELS: 1282 1294 1306 | 1322 1335 1352

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

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