Gold Trades into 61.8% Level and 200 DMA
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The sharp advance from the lows may indicate that a 5th wave terminal thrust is complete in gold.”
-“Gold has been reacting well to near term levels (holding at levels one would expect if the behavior has changed) and the next resistance zone is 1255/63 (Oct high and 61.8% retrace of drop from July high). Expect a pullback from that zone if reached.”
-Here we are…at 1263. There is a lot to push through at this level, including the 200 DMA. The invalidation level from the break of a multi-month inverse head and shoulders (target is 1345) is 1225. The December high may provide support at 1238.
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