Gold Follows Through on Outside Day Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Monday’s outside day reversal (and divergence with silver) is suggestive of lower levels.” The metal followed through on Monday’s reversal before finding support from the early March high. Last week’s low is important on a swing basis. A drop below last week’s low would create an outside reversal and more strongly suggest that a top is in place.
-Long term, a rally through 1434 is needed in order to complete a major double bottom.
LEVELS: 1332 1345 1355 | 1367 1390 1400
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