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Gold Trendline Resistance Near 1680

Gold Trendline Resistance Near 1680

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Trendline Resistance Near 1680

Prepared by Jamie Saettele, CMT

I wrote yesterday that “gold dropped below 1630 on Friday, albeit in a spike. Violation of a level in a spike is difficult to trust so the bear trap potential remains.” The metal traded to a new high today and focus is now on trendline resistance at about 1680 on Wednesday. 163190 now serves as the pivot.

Bottom Line – short against 1685, target new lows

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