Gold Former Resistance Serves as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: “Gold has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.” 1424 has been reached as has channel resistance and gold pulled back after a long wick Thursday. These are signs of a top.
Commodity Trading Strategy: Flat
LEVELS: 1318 1352 1373 1417 1424 1440
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