Gold Bullish Momentum Fails at Trendline
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).” The latest attempt on the upside failed (RSI failed at its own trendline), which keeps the broader move sideways to down.
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