Gold Inside Day Follows the Outside Day before FOMC

DailyFX

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eliottWaves_oil_body_gold.png, Gold Inside Day Follows the Outside Day before FOMC

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Gold opened over 2% higher on Monday but ended the day near the lows. The high occurred during the first hour of Sunday evening trading.

-Sunday’s evening’s rally may compose wave 4 of 3. The implications are for wave 3 to complete at lower levels before a bounce in wave 4 and another leg lower in wave 5.

-Price has retraced half of the rally from the June low. The 8/7 low and 61.8% retracement at 1273-1277 is the next estimated support.

Trading Strategy: Last update was “looking to start short position at 1334.” Monday’s high was 1334.70. Shorts are favored below that level.

LEVELS: 1267 1273 1300 | 1325 1335 1356

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