Gold Has Completely Retraced Breakout from February
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Monday’s outside day reversal (and divergence with silver) is suggestive of lower levels.” The metal followed through on last Monday’s reversal and then made an outside week reversal. Look towards 1280 and maybe 1240 on a swing basis.
-Expect a reaction at 1279. Swing support is probably closer to 1240.
LEVELS: 1240 1267 1279 | 1299 1320 1334
--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.