Gold Stabilizes; 1261 Remains Key Level

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.
eliottWaves_gold_body_Picture_3.png, Gold Stabilizes; 1261 Remains Key Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Gold turned higher after failing to confirm the drop below October’s low in silver last week.

-The rally from Tuesday’s low is impulsive (5 waves…you can see it on an hourly chart). Estimated support is 1267-1278 (price has dropped into this zone and held).

Trading Strategy: “The combination of support in metals, the mentioned non-confirmation, and Wednesday’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.” The stop is now 1260.

LEVELS: 1234 1251 1267 | 1287 1294 1306

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