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Gold Reaches Trendline Resistance

Gold Reaches Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, 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

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

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