Gold Responds to Well-Defined Trendline Resistance

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0


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-A head and shoulders top was confirmed last Tuesday (Wednesday's reversal raises the possibility of the pattern failing) with the break of the neckline (a more conservative approach is to wait for 1272 to break however). The objective is below the June low of 1180 at 1150.

-Possible supports along the way are the August low at 1272, channel support, and the 6/28 close at 1234.

-Price has responded to trendline resistance.

Trading Strategy : Short, risk is 1355. The h&s target is 1150 (basically a test of the lows).

LEVELS : 1273 1285 1308 | 1340 1349 1357

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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

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