Gold Underside of Former Channel Serves as Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-Gold rallied over 4% and retraced slightly more than half of the decline from the 8/28 high (in several hours).
-The underside of former channel support along with the 61.8% retracement of the decline from the 8/28 are possible resistance up to 1379.
Trading Strategy: 1275 target wasn’t reached. Market is responding to resistance but more short term evidence needed before acting.
LEVELS: 1323 1335 1348 | 1379 1395 1403
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