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Gold Remains Pressured; Risk on Shorts Moved Down to 1315

Jamie Saettele, CMT

Daily

eliottWaves_gold_1_body_gold.png, Gold Remains Pressured; Risk on Shorts Moved Down to 1315

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

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