Gold Remains Confined to Monday’s Range
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 and failure to hold 1585 could spell trouble (a run at the lows).
Commodity Trading Strategy: Been sitting long since 2/28. This market is doing nothing but keeping the stop at 1585 (better than breakeven) just in case.
LEVELS: 1555 1576 1585 1620 1639 1652
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