By Jonah S. Ford
A chart analysis of the Comex Gold futures reveals the week ahead may prove to be a pivotal one. Autochartist has identified multiple support lines on the Key Level indicator platform. These key levels are all converging between $1,700 and $1,708 per ounce, which lies just beneath Friday’s trading range.
Gold has already rebounded from this support zone several times in recent rally attempts. The rallies have met resistance as broader commodities and equity markets continue to find solid footing amidst the record-setting volatility.
The failed rallies have set up an intermediate term trading range in the form of Pennant chart pattern, illustrated here on the 30-minute time interval. The pattern is a near textbook image of a classic pennant, with well defined support and resistance levels. The internal readings show a ranking of 8 bars for Uniformity, Initial Trend, and overall Quality, with a 9-bar Clarity score. Gold held the support in Friday’s session and is now poised...