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Gold 1650 or 1700 Break is Needed to Trigger Next Move

Gold 1650 or 1700 Break is Needed to Trigger Next Move

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold 1650 or 1700 Break is Needed to Trigger Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.

Commodity Trading Strategy: Flat

LEVELS: 1626 1642 1652 1685 1697 1711

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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