Gold Slams into 61.8% of Advance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold reversed sharply on 4/24 and again on Friday. The 4/24 reversal was accompanied by large volume which increases the likelihood that the reversal is an important technical event.
-Gold failed to hold 1293 support, which dampens enthusiasm for a bullish call. In any case, the drop did stop at the 61.8% retracement of the rally from the low.
LEVELS: 1268 1274 1286 | 1309 1320 1328
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