Gold Reaches Trendline Resistance
Prepared by Jamie Saettele, CMT
Gold carved out an inside day at its 2nd standard deviation band yesterday, warning of a reversal. Price traded to a new high today but closed lower and still contends with the 50% retracement of the decline from the November high and trendline (off of September, November, and December highs). A drop below 1625 would confirm a reversal.
Bottom Line – short against 1680, target new lows
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