Gold at Short Term Channel-Resistance Extends to Upper 1700s
300 Minute Bars
Prepared by Jamie Saettele, CMT
Gold’s recent decline was a false start as the metal has roared higher to reach monthly highs. I maintain that the rally from the September low is corrective and will be retraced. Gold has entered channel resistance which is defended by the 100% extension of the rally from the low at1750, former support at 1762 and the 61.8% retracement at 1772. I am on the lookout for a top next week.
Trend Strength (M,W,D) – 1, 0, 1
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