Gold Awaits Resolution to Range
Prepared by Jamie Saettele, CMT
The decline from the 2/3 high and subsequent recovery may compose waves 1 and 2 of a larger bear leg. A bearish is valid against 1765.90 (daily key reversal last Friday). A drop below 1706.40 would shift focus to the January congestion zone at 1647/85. Given the signs in the FX space that the USD is vulnerable, I am not confident in a near term bearish bias.
Bottom Line – flat
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