Gold Takes a Seat on Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
- Gold reversed from channel resistance 2 weeks ago. The rally from 1180 would consist of 2 equal waves at 1440, a little over $6 from the top that is in place now.
-Price broke the 9/2 low. The 7/24 high, channel support, and 8/20 low are in focus at 1347-1352. Weakness below there would suggest that the rally from 1180 is complete.
Trading Strategy : Looking for resumption of long term weakness as per the 3 wave advance from 1180 and near equality of the legs from the low. Resistance is 1375. Shorts favored into that level against 1400.
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