Back to Main

Gold Down for 3rd Day as 10/2 Rally is Almost Completely Retraced

By: DailyFX
Posted: 10/10/2013 4:59:00 PM
Referenced Stocks:

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A head and shoulders top was confirmed last Tuesday. Last Wednesday's (10/2) rally raised the possibility of the pattern failing but that rally is nearly completely retraced. 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 1330 . T arget is 1150 (basically a test of the lows). I'll continue to trail stops as market action allows.

LEVELS : 1234 1273 1285 | 1315 1330 1354

forex news currency trading