Chart Prepared by Jamie Saettele, CMT
Commodity Observations: Gold retraced all of Friday’s losses but reversed at the 38.2% retracement of the decline from the top. The sharp advance following a sharp decline does suggest that weakness was exhaustive and that a base is forming from which price can work higher.
Commodity Trading Strategy Implications: Expect several days of sideways trade to correct today’s rally.
LEVELS: 1685 1691 1702 1727 1749 1775