Gold Needs to Hold 1191 to Look Higher
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 1224.15 may compose a 3 wave decline known as a flat (wave subdivisions of 3-3-5). If this interpretation is correct, then gold will exceed 1224.15 while staying above 1169.40.”
-“Gold has broken out to 3 month highs. 1240 could influence for a pullback but the trade is long and breakout focus is on 1280-1301.” If gold is going to make good on its bullish breakout, then we should see support near 1200.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.