Gold Breaks Out; Confluence of Resistance Near 1400
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Gold broke through the July high and has entered a zone of consolidation that took place in mid-June. The consolidation stretches from 1365 to 1395. The top of this zone is a confluence of trendlines. The trade above July’s high makes August the first month since October 2012 for price to exceed the prior month’s high.
Commodity Trading Strategy: Flat
LEVELS: 1339 1347 1358 1365 1395 1424
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