Gold Price in a Dangerous Spot
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“Gold needs to exceed 1245 to negate the breakdown implications (to 1177). 1177 is a great level for an important low.” 1177 failed spectacularly and the yellow metal dipped to 1155 today. The slope that crosses important highs since last August and the 10/6 and 1/2 lows is here and could provide support. Failure to do so would open up 5 year lows.
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