Chart Prepared by Jamie Saettele, CMT
-The last update noted that “Gold took out the 2015 high last week before reversing lower. Watch for support in the 1240s.” The low pre-Brexit was 1250 and the post-Brexit spike didn’t quite obtain the 2011-2012 trendline. As such, a re-test of the high and trendline test may be in order. Strength through the trendline would be a major development. This market is viewed as high risk at the moment due to the extreme ownership profile (COT).