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Gold Follows Through on Outside Day Reversal

Gold Follows Through on Outside Day Reversal

2014-03-18 21:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gold_body_Picture_3.png, Gold Follows Through on Outside Day Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Monday’s outside day reversal (and divergence with silver) is suggestive of lower levels.” The metal followed through on Monday’s reversal before finding support from the early March high. Last week’s low is important on a swing basis. A drop below last week’s low would create an outside reversal and more strongly suggest that a top is in place.

-Long term, a rally through 1434 is needed in order to complete a major double bottom.

LEVELS: 1332 1345 1355 | 1367 1390 1400

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

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