Gold Breaks Channel Support; Larger Bear Resumption?

Jamie Saettele, CMT

Daily

eliottWaves_gold_1_body_gold.png, Gold Breaks Channel Support; Larger Bear Resumption?
eliottWaves_gold_1_body_gold.png, Gold Breaks Channel Support; Larger Bear Resumption?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader


-Gold reversed from channel resistance 2 weeks ago. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.


-Price broke the 9/2 low and channel support. Near term focus is 1300-1315. Bearish break is valid below 1368.


-1334/38 is resistance for Friday.


Trading Strategy: Never got triggered on 1375 shorts. Looking to start short position at 1334.


LEVELS: 1273 1300 1315 | 1334 1368 1393

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