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Gold Remains Pressured; Risk on Shorts Moved Down to 1315

Posted
10/14/2013 5:40:00 PM
By: DailyFX
Referenced Stocks:

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A head and shoulders top is confirmed. The objective is below the June low of 1180 at 1150.

-Possible supports along the way are the August low at 1272 (market has traded around that level the last 2 days), the 6/28 close at 1234, and channel support (downward sloping) ,

Trading Strategy : Short, risk is tightened to 1315 . T arget is 1150 (basically a test of the lows). I'll continue to trail stops as market action allows.

LEVELS : 1208 1234 1260 | 1290 1315 1330

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