Gold Remains Pressured; Risk on Shorts Moved Down to 1315
Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-A head and shoulders top is confirmed. The objective is below the June low of 1180 at 1150.
-Possible supports along the way are the August low at 1272 (market has traded around that level the last 2 days), the 6/28 close at 1234, and channel support (downward sloping),
Trading Strategy: Short, risk istightened to 1315. Target is 1150 (basically a test of the lows). I’ll continue to trail stops as market action allows.
LEVELS: 1208 1234 1260 | 1290 1315 1330
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.
