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Gold Rebounds From 50% Retracement of Rally from Recent Low

Gold Rebounds From 50% Retracement of Rally from Recent Low

2014-04-29 17:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Rebounds From 50% Retracement of Rally from Recent Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold reversed sharply on 4/24. The reversal is accompanied by large volume which increases the likelihood that the reversal is an important technical event.

-1236 is viewed as major swing support and 1260 is a Fibonacci confluence. Either one of these levels could produce an important low if one is not already in place.

LEVELS: 1252 1260 1285 | 1303 1310 1319

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

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