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Trading On The Mark

Our work is grounded in several technical methods. We make use of Elliott Wave, Gann techniques, Fibonacci relationships in price and time, cycles, and other…

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Gold Update: A Resistance Area To Watch

A few weeks ago, we mentioned that Elliott wave analysis suggested that gold was trying to bounce from the 1628 area. So far, that scenario has played out nicely.

Now we're watching the upper edge of a potential channel to see whether it acts as resistance. If it reaches the upper boundary this week, then it would be in the vicinity of 1713. The channel boundary will be one of the first decision points that will provide a clue about whether price can climb higher.

GC - Weekly Chart

Note that our primary count (shown in blue) considers the up-move to be corrective, and that still can be true even if the channel boundary is exceeded.

We describe swing trading opportunities like this frequently on our blog and on our Facebook page.

 


If this is the kind of trading information that you can use, consider exploring Trading On The Mark with a month-long discounted trial membership. It gives you full access to our analysis of stock indices, currencies and commodities on timeframes ranging from months to minutes. It also opens the door for you to join in our live trading room where we identify intraday trading opportunities. TOTM is a source of guidance and a place where you can have your questions answered by experienced traders, and that may be the key to developing a successful trading plan for yourself.

 

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