Gold Triangle Since February Low is a Possibility
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Gold is nearing is nearing a big test. 1620/25 might trigger a reaction although stronger resistance is probably 1639-1652 (if reached), which are former pivots that intersect trendlines. 1585 remains support and failure to hold 1585 could spell trouble (a run at the lows). Consider the possibility of a triangle (probably bearish) forming since the February low. The triangle pattern would ‘fit’ with gold’s quiet trading in recent weeks.
Commodity Trading Strategy: Been sitting long since 2/28. This market is doing nothing so I’m out.
LEVELS: 1555 1576 1585 1620 1639 1652
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