Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: “Gold has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.” 1424 has been reached as has channel resistance and gold pulled back after a long wick Thursday. These are signs of a top.
Commodity Trading Strategy: At resistance so would be looking for signs of a top up here. Would look for support at recent congestion in the 1370s.
LEVELS: 1352 1369 1389 1424 1440 1488