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Gold Confluence Could Provide Resistance Near 1240/45

Gold Confluence Could Provide Resistance Near 1240/45

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Confluence Could Provide Resistance Near 1240/45

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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 recently. A push above would open up the next level near 1240 (200 DMA, December high, and slope confluence).

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

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