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Gold Maintains Constructive Look on Swing Basis

Gold Maintains Constructive Look on Swing Basis

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Maintains Constructive Look on Swing Basis

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support).” Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335.”

-“Weakness has stalled at the 200 DMA (also the 61.8% of the advance from the June low). I’m looking for a turn higher.” Look towards 1366.

--Tradingideas are availabletoJ.S. Trade Desk members.

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