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Gold Trades Within March 1 Range for 3rd Day

By , Sr. Technical Strategist
06 March 2013 22:44 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trades Within March 1 Range for 3rd Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: No change: “Given sentiment as indicated by COT and the retracement of the rally from the 2/21 low stopping at the high volume day close (2/20 close in futures), a bullish bias is warranted against the 2/21 low. The counter to this is that a drop below 1555 could complete 5 waves down from 1697 and give way to a more persistent advance.”

Commodity Trading Strategy: Long against 1555, target 1650

LEVELS: 1523 1555 1576 1620 1639 1652

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06 March 2013 22:44 GMT