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Gold Trades in Tiny Range at 5 and 20 Day Midpoints

Gold Trades in Tiny Range at 5 and 20 Day Midpoints

2013-06-05 22:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly

eliottWaves_gold_body_gold.png, Gold Trades in Tiny Range at 5 and 20 Day Midpoints

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: To review, “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.” Near term, watch for resistance from the ‘meridian’ line that has proved important on numerous occasions. The line is at about 1440 this week.

Commodity Trading Strategy: Flat

LEVELS: 1321 1367 1394 1439 1470 1500

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