Gold Test of Huge Resistance area Coming on FOMC?

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : Gold broke through the July high and has entered a zone of consolidation that took place in mid-June. The consolidation stretches from 1365 to 1395. The top of this zone is a confluence of trendlines. The trade above July's high makes August the first month since October 2012 for price to exceed the prior month's high.

Commodity Trading Strategy : Flat

LEVELS: 1339 1347 1357 1384 1395 1424

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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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