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Gold Finds Reaction Area; End of Week Bounce?

Gold Finds Reaction Area; End of Week Bounce?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_body_Picture_3.png, Gold Finds Reaction Area; End of Week Bounce?

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 and has now made an outside week reversal. Look towards 1280 and maybe 1240 on a swing basis.

-Near term, 1307-1320 may produce a low and give way to a bounce into 1355-1366.

LEVELS: 1294 1307 1320 | 1345 1355 1366

--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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