Gold Hits the Slopes
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.” Gold 1200 and just above has provided resistance over the last week. A push above would open up the next level near 1240 (200 DMA and December high) although the bigger level from a slope perspective probably isn’t until about 1290.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.