Drop Daily Range is Large but End of Day Little Changed

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eliottWaves_gold_body_gold.png, Drop Daily Range is Large but End of Day Little Changed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Gold didn’t quite trade to new lows but silver did on Monday. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold’s low was also at a downward sloping trend channel. It’s best to turn neutral.

Commodity Trading Strategy: Flat

LEVELS: 1307 1322 1354 1420 1439 1470

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