Gold Morning High Critical to Near Term Trend
300 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that “the rally has exceeded the Elliott channel so focus is now on the mentioned 1620/40. The 38.2% retracement is in the middle of this zone at 1635. Expectations remain for a test of the September low at 1532 with price finding a top in the 1620/40 zone.” Gold reached 1642 this morning before reversing and risk on shorts can be moved to that level. Exceeding 1642 would shift focus to 1678 and 1700.
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