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Gold Large Range Key Reversal Forms from 3 Month Low

Posted
10/15/2013 4:22:00 PM
By: DailyFX
Referenced Stocks:

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

- Gold formed a large range key reversal on Tuesday. Of course, such reversals also formed on 9/18 and 10/2. Tuesday's action pales in comparison.

- Price continues to trade around the August low at 1272 . The 6/28 close at 1234 and channel support (at 1217 on Wednesday) remain downside levels of interest.

Trading Strategy : Short, risk is 1315 . Target half at 1235. I'll continue to trail stops as market action allows.

LEVELS : 1234 1250 1260 | 1290 1315 1330

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