Gold Bounces from Trendline Support
Prepared by Jamie Saettele, CMT
Gold’s decline is deep enough to suggest that a more important top is in place. Still, two way volatility is expected following such an extended move. Currently bouncing from a trendline, expect resistance from former daily lows at 1505.50 and 1540.30.
Support/Resistance Index (M,W,D) – 0, (3), (3)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to firstname.lastname@example.org.
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