Gold Resistance Extends to 1619
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Gold’s rebound has met initial resistance defined by the 2/15 low at 1597. The resistance zone extends to 1619. 1597-1619 represents the fourth wave of one less degree, which often identifies the end of a corrective move (in this case, gold rallies are corrective).
Commodity Trading Strategy: We moved to flat after Thursday’s reversal day. Shorts are favored again on a rally to 1618 with a stop at 1655.
LEVELS: 1523 1548 1575 1597 1619 1639
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