Gold News | Gold Selling Subsides before Key Support | Gold Daily Forecast |
| Gold Selling Subsides before Key Support Posted: 05 Jun 2014 01:32 PM PDT Daily  Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0 Automate trades with Mirror Trader and see ideas on other USD crosses -"Continued failure to hold gains has me contemplating a final washout. In fact, action since April 1st, may compose a B wave triangle within an A-B-C decline from 1392. Under this interpretation, gold would drop below the April low in wave C before finding a major low. 1236 is a major level of interest." -The drop to a new low does satisfy minimum expectations for wave C. Gold has turned up just shy of the ideal 1236 level. A final low isn't out of the question (tomorrow on NFP?). LEVELS: 1206 1230 1236 | 1258 1268 1277 --Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.  |
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