Gold April High Providing Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.” 1331 is providing resistance, which leaves open the possibility of a deeper drop. 1280 would probably be support.
LEVELS: 1294 1308 1316 | 1327 1334 1342
--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.