Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold turned higher after failing to confirm the drop below October’s low in silver last week.
-The rally from Tuesday’s low is impulsive (5 waves…you can see it on an hourly chart). Estimated support is 1267-1278 (price has dropped into this zone and held).
Trading Strategy: “The combination of support in metals, the mentioned non-confirmation, and Wednesday’s inside day (signs of stabilizing?) is enough evidence to go long against 1250.” The stop is now 1260.
LEVELS: 1234 1251 1267 | 1287 1294 1306
- Basic Materials Industry
- Commodity Markets