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Gold Springs a Bear Trap

Gold Springs a Bear Trap

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Gold bottomed on Friday at 1175, just above the 61.8% retracement of the 1142.59-1224.15 advance.

-Friday’s drop and Monday’s reversal triggers a bear trap (the trap being that Friday’s drop completed a short term bearish continuation pattern). Look towards 1300.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.