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Gold is Not Confirming Silver’s Decline

Gold is Not Confirming Silver’s Decline

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gold_body_gold.png, Gold is Not Confirming Silver’s Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold has yet to confirm the drop below October’s low in silver. Such non-confirmations are often common at turns.

-Silver itself is at well-defined support (silver is on the bottom) and gold trades at trendline support.

Trading Strategy: The combination of support in both metals, the mentioned non-confirmation, and today’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.

LEVELS: 1234 1251 1260 | 1280 1289 1297

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