Markets

Gold Morning High Critical to Near Term Trend

300 Minute Bars

Prepared by Jamie Saettele, CMT

I wrote yesterday that "the rally has exceeded the Elliott channel so focus is now on the mentioned 1620/40. The 38.2% retracement is in the middle of this zone at 1635. Expectations remain for a test of the September low at 1532 with price finding a top in the 1620/40 zone." Gold reached 1642 this morning before reversing and risk on shorts can be moved to that level. Exceeding 1642 would shift focus to 1678 and 1700.

Other TA Articles

forex newscurrency trading

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos