Gold 1208 and 2013 Low at 1180 in Focus
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold failed to follow through on the 11/25 reversal and the market has fallen apart today.
-Obvious levels of interest over the next few days and weeks are the 7/5 low at 1208 and the Jun low of 1180. Beyond that level, the Jul 2010 low at 1157 and perhaps the 2010 low of 1045 become of interest. The latter level may be one that inspires a significant reversal as the 2008 high is at 1033. In general, the 1000 area was a ceiling for several years and may be the new floor.
Trading Strategy: Flat
LEVELS: 1150 1180 1208 | 1229 1241 1255
--- 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.