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Gold Price-Still Waiting on Either 1177 Test or Above 1245

Gold Price-Still Waiting on Either 1177 Test or Above 1245

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Bottom line, gold is at support (1228) from a median line confluence. This is an important level and if gold is going to work higher then it should do so now. Failure to hold up here would delay any bullish action until the next support, probably near 1177.”

-“Gold needs to exceed 1245 to negate the breakdown implications (to 1177).” 1177 is a great level for an important low. If we’re going to get that level, then it probably needs to happen in the next 2 days.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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