Gold December 2013 Low Serves as Resistance (1178)
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.”
-“Last week’s decline could signal the beginning of a 5th wave decline to new lows.”
-“We’re at new lows but watch the median line that gold is trading at right now. A drop below that level would indicate that weakness is accelerating (probably into a panic low).” Price is consolidating around the median line and the rally off of the lows found resistance at the December 2013 low. The action remains bearish.
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