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Gold Range is Smallest Since June 17th

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : No change - " 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. The current area is also defined by Elliott channel resistance. In other words, there is a lot to push through here. Between here and 1340 is 'no man's land'. A push above 1340 would warrant a closer look, possibly offering a chance to buy dips but today's action offers a chance to go short again."

Commodity Trading Strategy : Triggered short on Thursday at 1282, stop 1305, target 1200 (looking for a just a test of the low)

LEVELS: 1223 1243 1267 1300 1319 1338

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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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