Gold Not Giving Up without a Fight

Weekly Bars

Prepared by Jamie Saettele, CMT

Focus remains on early year pivots at 1600/10. 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. Today’s advance has challenged resistance from the 4/2 low (former support). The downside is favored below the April high of 1683.35.

Bottom Line (next 5 days) – lower