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Gold Needs to Hold 1191 to Look Higher

Gold Needs to Hold 1191 to Look Higher

2015-05-19 17:37:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Needs to Hold 1191 to Look Higher

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The decline from 1224.15 may compose a 3 wave decline known as a flat (wave subdivisions of 3-3-5). If this interpretation is correct, then gold will exceed 1224.15 while staying above 1169.40.”

-“Gold has broken out to 3 month highs. 1240 could influence for a pullback but the trade is long and breakout focus is on 1280-1301.” If gold is going to make good on its bullish breakout, then we should see support near 1200.

For more analysis and trade setups, visit SB Trade Desk

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