Gold Bounces after Test of Channel Support

Comment

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : No change - " Gold 's rally reversed gains after running into former lows and channel resistance. Gold's advance is better than silver's, which remains extremely depressed. Daily RSI on the metal has recovered to 60, a common area for the indicator to stop in a bear market."

Commodity Trading Strategy : The response at channel support makes me wary of being short. Moving to flat.

LEVELS: 1267 1282 1306 1332 1350 1395

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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 Nasdaq, Inc.



This article appears in: Investing , Commodities


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