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Gold Market is Quiet Following Large Down Day

Gold Market is Quiet Following Large Down Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_Picture_3.png, Gold Market is Quiet Following Large Down Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

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