Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Gold’s rally consists of 2 equal legs (almost exactly). This relationship is typical of corrective movements. Just as important, the level is also defined by the 6/20 close. Volume that day was the 4th highest of the year, behind only 4/12, 4/15-4/16. The current area is also defined by Elliott channel resistance. In other words, there is a lot to push through here. Between here and 1340 is ‘no man’s land’. A push above 1340 would warrant a closer look, possibly offering a chance to buy dips but today’s action offers a chance to go short again.
Commodity Trading Strategy: Order to go short at 1282, stop 1305, target 1200 (looking for a just a test of the low)
LEVELS: 1223 1243 1267 1282 1300 1319