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Gold Selling Subsides before Key Support

Gold Selling Subsides before Key Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Selling Subsides before Key Support

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. Gold has turned up just shy of the ideal 1236 level. A final low isn’t out of the question (tomorrow on NFP?).

LEVELS: 1206 1230 1236 | 1258 1268 1277

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

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