Gold 2 Day Drop Presents Long Opportunity
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Given sentiment as indicated by COT and the retracement of the rally from the 2/21 low stopping at the high volume day close (2/20 close in futures), a bullish bias is warranted against the 2/21 low. The counter to this is that a drop below 1555 could complete 5 waves down from 1697 and give way to a more persistent advance.
Commodity Trading Strategy: Long against 1555, target 1650
LEVELS: 1523 1555 1576 1620 1639 1652