Gold Underside of Former Channel Serves as Resistance

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Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

- Gold rallied over 4% and retraced slightly more than half of the decline from the 8/28 high (in several hours).

-The underside of former channel support along with the 61.8% retracement of the decline from the 8/28 are possible resistance up to 1379.

Trading Strategy : 1275 target wasn't reached. Market is responding to resistance but more short term evidence needed before acting.

LEVELS : 1323 1335 1348 | 1379 1395 1403

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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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