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Gold Bounces from Support Line; Still Below Resistance Though

Chart Prepared by Jamie Saettele, CMT

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

-“If gold is going to make good on its bullish breakout, then we should see support near 1200. Failure to hold 1191 would negate the bullish outlook.” Gold failed to hold 1191, which leaves the near term picture of the range variety at best (and possibly headed for a breakdown towards the trendline near 1100). A break above 1204 would turn the swing picture positive.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk