Chart Prepared by Jamie Saettele, CMT
-“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.” Gold has pushed to a new high for June but has yet to settle above 1204.
-Pay attention to RSI, which has been coiling since November. The length of the momentum coil indicates a great deal of stored energy and the potential for an explosive move (think near 1300 as initial resistance).