Gold Range Tightens between 1650 and 1700

DailyFX

Weekly Bars

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eliottWaves_gold_body_gold.png, Gold Range Tightens between 1650 and 1700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.

Commodity Trading Strategy: Flat

LEVELS: 1626 1642 1652 1684 1697 1711

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