Gold Cracks 200 DMA and Meets Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support).” Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335.”
-Failure to hold the 200 DMA isn’t a good sign although the last hope for bulls near term is this trendline. Ultimately, tit may be that gold has been tracing out a triangle since Dec 31st of 2013 that leads to new lows.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.