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Gold Extends Gains Slightly; Nears Parallel Channel

By: DailyFX
Posted: 7/24/2013 6:12:00 PM
Referenced Stocks:

4Hour

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : 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. In fact, yesterday's reading was the highest since 11/23/12. Resistance is estimated at 1332

Commodity Trading Strategy : Order to go short 1332, stop 1350, target half 1270

LEVELS: 1223 1267 1313 1332 1350 1395

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