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Gold Holding Up at 1206…1240 Next?

Gold Holding Up at 1206…1240 Next?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Holding Up at 1206…1240 Next?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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 is testing 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.

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