Planning Gold as it Declines from Swing High March 3

Mar 3, 2017: 12:29 PM CST

Gold rallied strongly from the $1,120 low to the recent price target near $1,260.

What’s the game plan now that we’re seeing a logical pullback within key levels?

We had a reversal buy signal – positive divergences + reversal candles at support – in December.

From there, price rallied as expected toward the prior price low and pivot target near $1,250 as highlighted.

At this point, we’re in a NEUTRAL zone via moving average compression.

Basically we’re seeing Gold come down from the upper Bollinger Band and the successfully achieved 200 day SMA just above $1,270.

Focus your attention – and develop your next trade – on the DEPARTURE away from the rising 50 day EMA and lower Bollinger Band near the $1,220 target level.

I’ll be discussing more specifics and the emerging opportunities in this week’s Member Strategy Report.

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Corey Rosenbloom, CMT

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