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Gold 1206 is Now Possible Support before the Low

Gold 1206 is Now Possible Support before the Low

2014-01-07 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_body_Picture_3.png, Gold 1206 is Now Possible Support before the Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-In true trending fashion, gold made its 2013 low on the last day of 2013. A key reversal also formed that day however. Price has also broken near term resistance (12/27 low and line that extends off of the Oct and Dec highs).

-The market faces resistance from the 10/15 low to the 12/10 high (1251 to 1268). 1206 is possible support along with the topside of the mentioned trendline.

Trading Bias: Flat

LEVELS: 1180 1206 1219 | 1242 1251 1234

--- 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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