Gold 1200 Would be a Big Test
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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). 1182/87 could provide resistance but 1200 would be a bigger test.
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