Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Gold is testing the 9/30 high or more generally, the 1350 area. The area that surrounds 1350 has been an important pivot (support/resistance) on multiple occasions since July (circled). If a pullback is going to materialize, then this is the place for it to happen.
-The minor trend should be considered higher against 1310 but a drop below there would present the swing trader with an opportunity to buy against the Oct low. Supports are 1294 and 1282.
Trading Strategy: Allow for at least several days to a week of sideways/down action and maybe from slightly higher prices before looking for a low.
LEVELS: 1318 1327 1337 | 1352 1364 1375
- Basic Materials Industry
- Commodity Markets