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Gold Takes Out Long Term Trendline

Gold Takes Out Long Term Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_Picture_3.png, Gold Takes Out Long Term Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold has taken out the October high at 1362 as well as the line that extends off of the October and November 2012 highs.

-The next possible resistance level is the September 2013 high at 1375. Remember, a push through 1434 is needed in order to complete a major double bottom. Weakness below 1345 would shift focus lower.

LEVELS: 1327 1345 1355 | 1375 1395 1434

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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