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Gold – Lots of Technical ‘Stuff’ Surrounds 1180

Gold – Lots of Technical ‘Stuff’ Surrounds 1180

2014-12-16 17:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold – Lots of Technical ‘Stuff’ Surrounds 1180

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The sharp advance from the lows may indicate that a 5th wave terminal thrust is complete in gold.”

-Gold has been reacting well to near term levels (holding at levels one would expect if the behavior has changed) and the next resistance zone is 1255/63 (Oct high and 61.8% retrace of drop from July high). Expect a pullback from that zone if reached. Pay attention to 1180 for support (2013 lows (1180 and 1179) and the October 2014 low at 1183).

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

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