Gold 1206 is Now Possible Support before the Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-In true trending fashion, gold made its 2013 low on the last day of 2013. A key reversal also formed that day however. Price has also broken near term resistance (12/27 low and line that extends off of the Oct and Dec highs).
-The market faces resistance from the 10/15 low to the 12/10 high (1251 to 1268). 1206 is possible support along with the topside of the mentioned trendline.
Trading Bias: Flat
LEVELS: 1180 1206 1219 | 1242 1251 1234
--- 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.