Gold Rebounds from Previous Congestion Zone
Chart Prepared by Jamie Saettele, CMT
-The latest gold comments noted that “strength through the 2011-2012 trendline would be a major development but gold is showing signs of failure at the 2011-2012 line. Support starts at 1300. This market is viewed as high risk at the moment due to the extreme ownership profile (COT). For more on gold, check out these recent videos (here and here).” Gold has rebounded from former congestion (6/16 high and 6/28 low) but bigger support is still lower.