Gold Downtrend Resistance is Near 1110 on NFP Friday
Chart Prepared by Jamie Saettele, CMT
-“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.”
“The target has been reached. Gold may try and form an important low down here at a long term trendline.” 11110 is resistance for Friday. A break above there is needed in order to suggest that something else (not bearish) is happening.
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