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Gold 1230/36 of Interest as a Support Zone

Gold 1230/36 of Interest as a Support Zone

2014-05-29 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold 1230/36 of Interest as a Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest.”

-The drop to a new low does satisfy minimum expectations for wave C but stronger support is seen at 1230/36…then 1206.

LEVELS: 1230 1236 1251 | 1268 1277 1286

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

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