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Tracking for a Near Term Gold Low

Tracking for a Near Term Gold Low

Jamie Saettele, CMT, Sr. Technical Strategist

Gold may end up falling below 1200 later this summer before the next big buying opportunity but there will be plenty of shorter term opportunities to play both strength and weakness. I laid out a near term picture for gold in this video last night. Basically, I came into Friday looking for resistance at 1261 and for weakness to extend to 1240 or even 1230 before some sort of low registers. Gold just traded to 1260 before selling off a bit. So, focus remains lower but into a low. Stay tuned.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.