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Gold at Trendline Resistance

Gold at Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold at Trendline Resistance

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.” Currently testing trendline resistance, this bounce offers a chance to short against the April high.

Bottom Line (next 5 days) – topping?

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