Gold Rally Fails Before 20 Day Average
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.
Bottom Line (next 5 days) – lower
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