Gold Bounces…Nothing to Write Home About

By
A A A

Weekly

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis : To review, "Gold didn't quite trade to new lows but silver did last week. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold's low was also at a downward sloping trend channel. Recent chop could be the beginning of gold forming a bullish base." Near term, watch for resistance from the 'meridian' line that has proved important on numerous occasions. The line is at about 1440 this week. 1367 is still estimated support (low today was 1365). Failure to hold that level on a daily closing basis would be worrisome.

Commodity Trading Strategy : Flat

LEVELS: 1307 1321 1367 1414 1440 1470

forex news currency trading


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

Referenced Stocks:

DailyFX

DailyFX

More from DailyFX:

Related Videos

WSJ’s House of the Week
WSJ’s House of the Week             

Stocks

Referenced

Most Active by Volume

58,707,995
  • $25.98 ▼ 1.81%
55,057,148
  • $15.52 ▲ 0.19%
48,580,535
  • $69.40 ▲ 1.43%
48,253,528
  • $28.33 ▲ 5.00%
37,923,248
  • $93.939 ▼ 0.52%
37,174,627
  • $44.835 ▲ 0.32%
32,656,684
  • $3.78 ▼ 1.31%
31,770,654
  • $34.06 ▲ 1.07%
As of 7/21/2014, 04:08 PM