Gold 2nd Attempt at Follow Through on Reversal Fails
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold’s sliced through the 6/28 close (1234) on Monday before reversing higher and forming an outside day reversal.
-The next few days are critical as follow through (close higher than today) would increase evidence that a near term low is in place. Tuesday and Wednesday’s attempts both failed.
Trading Strategy: Flat
LEVELS: 1180 1208 1230 | 1253 1261 1269
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.