Gold Remains Pinned to 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: 1590 1626 1639 1654 1685 1697
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