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Gold Reacts at April High

Gold Reacts at April High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Reacts at April High

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.” The former level was reached today and 1310 is the near term pivot.

LEVELS: 1309 1316 1322 | 1334 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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