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Gold Big Breakdown Possible as Long as Below 1300

Gold Big Breakdown Possible as Long as Below 1300

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Gold Big Breakdown Possible as Long as Below 1300

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.”

-Ultimately, it may be that gold has been tracing out a triangle since Dec 31st of 2013 that leads to new lows. The metal needs to gain traction above 1296 to alleviate downside pressure. 1258 is resistance.

--Tradingideas are availabletoJ.S. Trade Desk members.

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