Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
–Gold turned higher after failing to confirm the drop below October’s low in silver last week.
-The rally from Tuesday’s low is impulsive (5 waves…you can see it on an hourly chart). Estimated support is 1267-1278 (price has dropped into this zone).
Trading Strategy: “The combination of support in metals, the mentioned non-confirmation, and Wednesday’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.” The stop is moved up to 1260.
LEVELS: 1234 1251 1267 | 1287 1294 1306