300 Minute Bars

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Prepared by Jamie Saettele, CMT

Last week's huge outside bar is consistent with a larger top as is the massive spike in volume on futures (CME...see COT link below). However, gold hasn't seen much of a reaction from its 61.8% retracement. As such, respect the potential for a new high. 1990 would be an objective (161.8% extension of rally from 1702.89). Consider also the potential for a range to develop, perhaps as a triangle before the final thrust higher.