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Gold Hanging on by a Thread

Gold Hanging on by a Thread

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Gold needs to exceed 1245 to negate the breakdown implications (to 1177). 1177 is a great level for an important low.” 1177 failed spectacularly. The metal continues to trade around a slope level but failure to reverse higher now opens up 5 year lows…and possibly the 1032/44 (2008 high and 2010 high).

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

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