Prepared by Jamie Saettele, CMT
After trading to a new high for 2012, gold reversed to close over $15 off of its high. Despite the action, trading from the short side is dangerous. The 1740 area was identified as a high risk area for bulls and that level was not only overcome, but also held as support on 9/26. The next high risk area isn’t until 1856/75. 1753 is now support.
LEVELS: 1736.05 1750.90 1763.25 1791.49 1802.80 1819.05