Gold Nears Range Lows

DailyFX

Weekly

View photo

.
eliottWaves_gold_body_gold.png, Gold Nears Range Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1435 this week. 1367 is still estimated support (low last week was 1365 and close today was 1367). Failure to hold that level on a daily closing basis would be worrisome. We should have an idea regarding the next move soon.

Commodity Trading Strategy: Flat

LEVELS: 1307 1321 1367 1395 1413 1423

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)