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Gold Price to Break or Not to Break? That is the Question

Gold Price to Break or Not to Break? That is the Question

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Price to Break or Not to Break? That is the Question

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. Gold completed the head and shoulders pattern with the 7/15 close. Targets are 1093 and 1106.50. The breakdown is valid as long as price is below the 7/6 high of 1174.78.

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

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