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Gold Bleeding Lower; Focus is on 1282

Posted
8/1/2013 7:10:00 PM
By: DailyFX
Referenced Stocks:

4Hour

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : No change - " Gold 's rally reversed gains after running into former lows and channel resistance. Gold's advance is better than silver's, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market."

Commodity Trading Strategy : Order to short at 1312 with 1355 stop, targets 1283 and 1250

LEVELS: 1267 1282 1306 1315 1350 1395

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