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Gold Tidal Trend Shift Possibly on Horizon

Gold Tidal Trend Shift Possibly on Horizon

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Tidal Trend Shift Possibly on Horizon

Prepared by Jamie Saettele, CMT

Gold fell apart for the second consecutive day and the metal is nearing early year pivots at 1600/10. As highlighted last week, price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. Near term resistance is 1630/40/50.

Bottom Line (next 5 days) – lower

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

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