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Gold Triangle Since February Low is a Possibility

Daily Bars

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis : Gold is nearing is nearing a big test. 1620/25 might trigger a reaction although stronger resistance is probably 1639-1652 (if reached), which are former pivots that intersect trendlines. 1585 remains support and failure to hold 1585 could spell trouble (a run at the lows). Consider the possibility of a triangle (probably bearish) forming since the February low. The triangle pattern would 'fit' with gold's quiet trading in recent weeks.

Commodity Trading Strategy : Been sitting long since 2/28. This market is doing nothing so I'm out.

LEVELS: 1555 1576 1585 1620 1639 1652

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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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