eliottWaves_gold_body_Picture_3.png, Gold Gets a Reprieve before 6/28 Close

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold’s drop through 1260 negated the bullish bias. The drop below the Oct low shifts focus to the 6/28 close at 1234.

-The trendline that extends off of Aug and Sep highs may serve as support in the coming days/weeks. The steep line that originates from the 10/30 high is possible resistance along with 1251-1261.

Trading Strategy: I am flat but the new trend defining level is 1278.80 (below is bearish).

LEVELS: 1180 1208 1234 | 1251 1261 1269

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com