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Gold December 2013 Low Serves as Resistance (1178)

Gold December 2013 Low Serves as Resistance (1178)

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold December 2013 Low Serves as Resistance (1178)

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.”

-“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.

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

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