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Gold Consolidates; Higher Levels Coming

Gold Consolidates; Higher Levels Coming

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Consolidates; Higher Levels Coming

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. Above 1283 would suggest that the larger trend has reversed.”

-1331/34 is probably a reaction level but stronger resistance is seen from possible bearish triangle resistance at 1366.

LEVELS: 1285 1295 1305 | 1331 1342 1366

--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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