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Gold Gets Relief after Trendline Test

Gold Gets Relief after Trendline Test

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Gets Relief after Trendline Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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 the trendline. Ultimately, it 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.

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