Gold Retraced Portion of Tuesday Drop; 1350 Remains Key

By Jamie Saettele, CMT, Sr. Technical Strategist,

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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 on Tuesday (Wednesday's advance 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.

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

LEVELS : 1234 1272 1297 | 1323 1352 1375

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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 Nasdaq, Inc.

This article appears in: Investing Commodities
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