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 due to the recent extreme ownership profile (COT). For more on gold, check out these recent videos (here and here).” Gold has stabilized near former congestion (6/16 high and 6/28 low) but bigger support is still lower (mid-1280s). Trading resistance may be 1350/55.