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Gold 1206 Still Eyed as Possible Support Before the Low

Gold 1206 Still Eyed as Possible Support Before the Low

2014-01-08 21:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_body_Picture_3.png, Gold 1206 Still Eyed as 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 traded through 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 1214 | 1238 1248 1261

--- 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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