Gold at Critical Juncture as Long Term Averages Meet
Prepared by Jamie Saettele, CMT
Gold slid lower for about a month after the 2/29 mini crash before rallying sharply today. Bigger picture, the rally and decline from the December low may compose the base that propels gold to all-time highs. When viewed in the proper context, price action since September appears as nothing more than consolidation within a secular bull market. Near term, former support is now potential resistance at 1704.
Bottom Line (next 5 days) – ?
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