Gold May Face Test at 1243
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Gold’s rally from the June low is impulsive and the decline from 1267 is corrective. That information is reason enough to be bullish for a move above 1267. 1243 is interim resistance. A move through the high opens up 1295 (2 equal legs from the low) and 1319 (161.8%). Friday’s FX Technical weekly provides additional details.
Commodity Trading Strategy: Triggered long last week at 1215…stop moved up to 1208.
LEVELS: 1180 1208 1223 1243 1267 1295