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Gold Slams into 61.8% of Advance

Gold Slams into 61.8% of Advance

2014-05-07 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Slams into 61.8% of Advance

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 and again on Friday. The 4/24 reversal was accompanied by large volume which increases the likelihood that the reversal is an important technical event.

-Gold failed to hold 1293 support, which dampens enthusiasm for a bullish call. In any case, the drop did stop at the 61.8% retracement of the rally from the low.

LEVELS: 1268 1274 1286 | 1309 1320 1328

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

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