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Gold Price Forecast: XAU/USD Consolidates Ahead of New Push Lower
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Japanese Yen Outlook: USD/JPY May Fall But Broader Path Remains Bullish
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US Dollar Price Action Setups: GBP/USD, USD/JPY, AUD/JPY
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Gold Has Plenty of Room Below December Low

Gold Has Plenty of Room Below December Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_gold_body_gold.png, Gold Has Plenty of Room Below December Low

Prepared by Jamie Saettele, CMT

Gold has broken below a major trendline (and channel) that extends off of lows in 2008, 2010, and 2011. Focus is now on the December low at 1522.50 and then support from May 2011 and resistance from December 2010 at 1430/60. Look lower against the Monday high of 1586.

LEVELS: 1612 1586 1522.50 1477 1462 1448 1431

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

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