Gold a Snoozer Near Term; Trying to Bottom Medium Term?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: No change – “Gold didn’t quite trade to new lows but silver did last week. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold’s low was also at a downward sloping trend channel. Recent chop could be the beginning of gold forming a bullish base. Chalk the weekly key reversal up as bullish evidence.”
Commodity Trading Strategy: Flat
LEVELS: 1307 1322 1354 1420 1439 1470
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