Gold Probes Lower Levels…Slowly
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.” A short term bear flag appears complete and price is pressured by the 20 day average. 1660/65 is now resistance.
Bottom Line (next 5 days) – lower
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.