Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support).” Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335. Above there opens up 1366.
LEVELS: 1268 1285 1305 | 1325 1335 1366
–Tradingideas are availabletoJ.S. Trade Desk members.