by Carolyn Boroden
Gold has potential upside to 1709.41 in the futures (GC) as long as two support areas hold. There’s initial support at the recent low near 1626, and a wide cluster of support at symmetry projections between 1614.80 and 1621.30.
As long as price holds above one of these two zones, we can begin to look at buy triggers. If price breaks beneath there, we’ll back off until further notice and wait for the next set-up.
But those two areas would be a natural place for gold to potentially resume the rally.
I also ran timing projections off of the last high in gold, and timing points right at where we made the low around 1626, another argument for the low being in.