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Gold Could Test May 2013 Low before a Bigger Drop

Gold Could Test May 2013 Low before a Bigger Drop

2014-02-20 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_body_Picture_3.png, Gold Could Test May 2013 Low before a Bigger Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold has responded to the November high, former trendline support (line that extends off of the June and October lows) and channel resistance. The market followed up on Tuesday’s outside day with a down day so respect the potential for additional weakness. Like EURUSD though, a final push may be in order before something more substantial on the downside. Beware the May low at 1338.

-The next major resistance is probably the October high at 1362.

LEVELS: 1286 1296 1304 | 1322 1334 1352

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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