Gold Resistance Extends to 1630/40

Daily Bars

Prepared by Jamie Saettele, CMT

My last comments were that “he spike under the September low probably cleared the market of weak longs so beware of a pop into 1600 before sellers return.” Price has reached 1600 but a closer examination of the technical evidence suggests that stronger resistance may not come in until 1630/40. This level is defined by the 20 and 200 day averages, 12/21 high, and channel resistance.

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