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Gold Range is Largest Since December 14th

Gold Range is Largest Since December 14th

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Range is Largest Since December 14th

Prepared by Jamie Saettele, CMT

Gold roared higher today to eclipse 1700 in its largest 1 day advance since the first trading day of the year. While today’s incredible rally may be exhaustive, attempting to short is not smart as studies show that trends tend to persist until month end. Support is 1693 and 1680. The next potential resistance is from a steep trendline at 1737.

Bottom Line – flat

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