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Gold Triangle Line is Now Potential Support

Gold Triangle Line is Now Potential Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Gold Triangle Line is Now Potential Support

Prepared by Jamie Saettele, CMT

Gold has cleanly broken through its triangle pattern. I had pegged the action in recent months as a bearish triangle but was proven wrong last week with the move above the resistance line and 7/3 high. One must respect the bullish break and respect potential for a move back towards (not necessarily above) the 2012 high of 1790.55. The February low is of interest just above 1700.

LEVELS: 1592 1600 1610 1641 1672 1705

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

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