Gold Has Retraced Most of Monday’s Decline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Gold is nearing its first big test since longs were established in late February. 1620/25 might trigger a reaction (although I’d expect it to be minor). Stronger resistance is probably 1639-1652, which are former pivots that intersect trendlines starting next week. 1585 remains support.
Commodity Trading Strategy: Long against 1575, target is 1650
LEVELS: 1555 1576 1585 1620 1639 1652
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