Gold Gets Smacked; 1261 Remains Important
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The rally from Tuesday’s low is impulsive (5 waves…you can see it on an hourly chart). Estimated support is 1267-1278 (price has dropped into this zone).
Trading Strategy: “The combination of support in metals, the mentioned non-confirmation, and Wednesday’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.” The stop is moved up to 1260.
LEVELS: 1234 1251 1267 | 1287 1294 1306
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