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Gold Fails to Respond to Support as Market Falls for 4th Day

Gold Fails to Respond to Support as Market Falls for 4th Day

2013-11-12 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_gold_body_gold.png, Gold Fails to Respond to Support as Market Falls for 4th Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.”

-Gold has sliced through the estimated support level. Failure to hold 1251 would open up 1234.

Trading Strategy: I can’t go long without any signs of the market stabilizing. If 1251 is taken out, then price could get ‘panicky’ down to 1234, which crosses the topside of a former resistance line on Wednesday.

LEVELS: 1234 1251 1260 | 1276 1289 1297

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

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