Gold Below 1365 isn’t Troubling for Bulls
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: After being ‘too quiet’, gold is making a move. Recent comments were that “failure to hold 1367 on a daily closing basis would be worrisome. We should have an idea regarding the next move soon.” It seems that the move is lower. Price also closed below the line that extends off of the April and May lows today. An extension of the 1321-1488 range yields a target of 1155, which is in line with the July 2010 low of 1157.
Commodity Trading Strategy: Flat
LEVELS: 1277 1307 1321 1361 1376 1395
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