Markets

Gold Making Run at 1620/40 Resistance Zone

300 Minute Bars

Prepared by Jamie Saettele, CMT

I wrote Friday that "the bounce from 1560 could reach 1620/40. Shorts are favored into that zone (watch the Elliott channel as well) in anticipation of a test of the September low at 1530." The rally has exceeded the Elliott channel so focus is now on the mentioned 1620/40. The 38.2% retracement is in the middle of this zone at 1635. Expectations remain for a test of the September low at 1532 with price finding a top in the 1620/40 zone.

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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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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