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Gold Reverses at Channel Support

Gold Reverses at Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Reverses at Channel Support

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.” The rebound from near term channel support highlights why it’s important to wait for a break of the January low before turning bearish.

Commodity Trading Strategy: Flat

LEVELS: 1600 1626 1639 1660 1685 1700

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

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