60 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Wrote last week that “the implications are for a new low and perhaps a test of the 2011 low at 1307.45 before a reprieve from selling and move back towards 1404-1430 (which could also be a 4th wave rally). Bottom line, the strongest part of the decline is probably over and declines from here will be in stair-step fashion (series of 4th and 5th waves).” Gold’s didn’t quite make a new low, stopping at 1336.15 on Thursday before embarking on the larger rally. Expect resistance for this rally at 1459.
Commodity Trading Strategy: Order to short 1459 with a 1500 stop and target 1310.
LEVELS: 1307 1335 1395 1459 1495 1539