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Gold Engulfs Prior 4 Days; 1327-34 Seen as Impediment to Gains

Gold Engulfs Prior 4 Days; 1327-34 Seen as Impediment to Gains

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_gold.png, Gold Engulfs Prior 4 Days; 1327-34 Seen as Impediment to Gains

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-No change “Gold is consolidating around the level that was consolidation after the 10/17 advance and before the 10/22 advance. The opposite may be occurring now, in which case the yellow metal could very well see 1282-94 in the coming days.”

Trading Strategy: Would ultimately like to turn bullish at slightly lower levels…specifically 1282-94.

LEVELS: 1282 1294 1304 | 1315 1335 1352

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

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