Gold Market is Quiet Following Large Down Day
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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 1180, 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 but probably not until 2014.
Trading Strategy: Flat
LEVELS: 1150 1180 1208 | 1229 1241 1258
--- 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.