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Gold Could Find Support at 1187 Now

Gold Could Find Support at 1187 Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Could Find Support at 1187 Now

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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