Gold Price Bounces from Breakdown Line

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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.”

-The latest attempt on the upside failed (RSI failed at its own trendline), which keeps the broader move sideways to down. Of note as well is a possible head and shoulders pattern. Gold has bounced from the breakdown level but a rally above the 6/29 high is needed in order to shift focus higher.

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