Gold In No-Man’s Land
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 recently. A push above would open up the next level near 1240 (200 DMA, December high, and slope confluence).
-Watch 1172/74 for support in the near term.
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