Drop in Gold May be Old but More Evidence Needed to Reverse

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : Gold didn't quite trade to new lows but silver did on Monday. Non-confirmations (divergences) of price extremes between related assets often mark market turns or at least the beginning of a reversal pattern. Gold's low was also at a downward sloping trend channel. It's best to turn neutral.

Commodity Trading Strategy : Flat

LEVELS: 1307 1322 1367 1420 1439 1470

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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