Chart Prepared by Jamie Saettele, CMT
-The last gold note remarked that “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).” Gold is testing the 2011-2012 line now. This is a major decision point for gold.