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Gold Outside Day Reversal Indicates Tradable Top

Gold Outside Day Reversal Indicates Tradable Top

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_gold_body_Picture_3.png, Gold Outside Day Reversal Indicates Tradable Top

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.

-A push through 1434 is needed in order to complete a major double bottom. Weakness below 1345 would shift focus lower but Monday’s outside day reversal (and divergence with silver) are suggestive of lower levels.

LEVELS: 1332 1345 1355 | 1373 1390 1400

--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.