Gold Underside of Former Channel Rejects Bulls For Now

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Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

- Last Wednesday's rally 'no taper' has nearly been completely retraced.

-The underside of former channel support along with the 21 day average acted as resistance last Thursday. The 61.8% retracement of the decline from the 8/28 is slightly higher at 1379.

Trading Strategy : Failure at the trendline / 21 day average is bearish…especially on supposedly bullish 'news'. Still, the rally from 1291 is impulsive which leaves the market open to at least a test of last week's high.

LEVELS : 1234 1273 1299 | 1346 1375/79 1395

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

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