Gold Rebounds Near Huge 1206 Level; 1240 is Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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. 1240 is resistance. Support for a bounce is seen at 1206. “
-Gold has bounced from very near 1206. Do keep in mind that gold has yet to confirm the new low in silver. Even so, any bounce should be treated as countertrend. Watch for resistance at 1240 (former low / trendline is nearby).
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.