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Gold Closes Near Unchanged after Early Drop

Gold Closes Near Unchanged after Early Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Closes Near Unchanged after Early Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold made its 3rd bullish outside day since 4/24 on last Monday. The 4/24 reversal was accompanied by large volume which increases the likelihood that the reversal is an important technical event. The implication is that gold is well supported and therefore headed higher.

-Continued failure to hold gains has me contemplating a final washout.

LEVELS: 1268 1278 1288 | 1306 1315 1331

--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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