Gold Trades Through Initial Support; 1310 of Interest as a Support

DailyFX

Daily

View photo

.
eliottWaves_gold_body_gold.png, Gold Trades Through Initial Support; 1310 of Interest as a Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-β€œGold has exceeded the 9/30 high. The area that surrounds 1350 has been an important pivot (support/resistance) in recent months. If a pullback is going to materialize, then this is the place for it to happen.”

-β€œThe 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: 1282 1294 1310 | 1335 1352 1362

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.

Rates

View Comments (0)