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

| 11 oktober, 2013 | 0 kommentarer

Daily

eliottWaves_gold_1_body_gold.png, Gold Down for 3rd Day as 10/2 Rally is Almost Completely Retraced

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 is1330. Target 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

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *