Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: The current level, defined by the 61.8% retracement of the rally from the low and 1/4 close (1/4 is important because it was a high range day and high volume day), is critical to the next move in gold. Strength above Friday’s high would suggest that a low is in place.
Commodity Trading Strategy: Flat
LEVELS: 1626 1642 1655 1672 1683 1697