Gold Threatens April High
Prepared by Jamie Saettele, CMT
“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. The downside is favored below the April high of 1683.35 although price obviously needs to turn down now in order that level to remain intact. Exceeding the April high would shift focus to pivots throughout March (1696.88, 1716.55, 1726.05). A drop under 1650 would put bears back in control.
Bottom Line (next 5 days) – topping/lower?
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