Gold Bearish Key Reversal

Daily Bars

Prepared by Jamie Saettele, CMT

Gold reversed last week near the December high and has declined about 2% in the last 2 days. Price is nearing potential support from a trendline that extends off of the 12/29 and 1/25 lows. A drop below the trendline would shift focus to the January congestion zone at 1647/85. A bearish bias is valid against 1765.90.

Bottom Line – short, stop 1765.90, target open