Monday, September 12, 2016

Gold Failed Our Key Level

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*On September 5th we pointed out gold could move up with our bullish commodity call.
*We gave a key level that gold failed.
*We said in that report that confirmation above that level likely was related to the Fed.
*The Fed sounds more hawkish which could stall gold.

On September 5th we reported the following on gold:
"There is a lot of action around 1348-1350. That appears to be a key support-resistance. Closing and holding above that level can confirm an up move. Because we don't know what the Fed wants to do with rates it makes sense to wait for a confirmed up-trend. Until then you can see that near term the gold chart has made lower highs and lower lows. That's another key reason to wait for a confirmation before getting back in."
Let's look at the chart.

We wrote the report having seen the bar titled "The View As Of Our Last Report." We said that gold would need to confirm (close) above the line 1347.83 to confirm a new up move.

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