Gold Has Retraced Most of Monday’s Decline

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Daily Bars

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : Gold is nearing its first big test since longs were established in late February. 1620/25 might trigger a reaction (although I'd expect it to be minor). Stronger resistance is probably 1639-1652, which are former pivots that intersect trendlines starting next week. 1585 remains support.

Commodity Trading Strategy : Long against 1575, target is 1650

LEVELS: 1555 1576 1585 1620 1639 1652

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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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