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Gold Price 1180 Sticks Out as a Trading Level

Gold Price 1180 Sticks Out as a Trading Level

2015-07-14 19:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Price 1180 Sticks Out as a Trading Level

Chart Prepared by Jamie Saettele, CMT

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

-“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 (1187.64) is needed in order to shift focus higher.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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