Gold Closing in on Important Resistance
240 Minute Bars
Prepared by Jamie Saettele, CMT
My last comments were that “the spike under the September low probably cleared the market of weak longs so beware of a pop into 1600 before sellers return.” Price has exceeded 1600 and technical evidence suggests that 1630/40 should be strong resistance. This level is defined by the 20 and 200 day averages, 12/21 high, and channel resistance. Supports for Friday are 1594 and 1583.
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