Gold Gets a Reprieve before 6/28 Close
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Gold’s drop through 1260 negated the bullish bias. The drop below the Oct low shifts focus to the 6/28 close at 1234.
-The trendline that extends off of Aug and Sep highs may serve as support in the coming days/weeks. The steep line that originates from the 10/30 high is possible resistance along with 1251-1261.
Trading Strategy: I am flat but the new trend defining level is 1278.80 (below is bearish).
LEVELS: 1180 1208 1234 | 1251 1261 1269
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.