Gold Breaks Downward Sloping Channel
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 break below channel support is enough to turn bearish for what may be the beginning of a larger breakdown.
Commodity Trading Strategy: Short against 1690.
LEVELS: 1563 1590 1626 1652 1673 1686