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

4Hour

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.


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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