Gold Rally is in 2 Equal Legs; Watch Near Term Channel for Support

By Jamie Saettele, CMT, Sr. Technical Strategist,

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : Gold 's rally consists of 2 equal legs (almost exactly). This relationship is typical of corrective movements. Just as important, the level is also defined by the 6/20 close. Volume that day was the 4 th highest of the year, behind only 4/12, 4/15-4/16.

Commodity Trading Strategy : Limit on longs hit at 1295, sit tight for now.

LEVELS: 1223 1243 1267 1299 1319 1349

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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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