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Gold Price Needs 1170 Breakout to Turn Bullish

Gold Price Needs 1170 Breakout to Turn Bullish

2015-09-03 19:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Price Needs 1170 Breakout to Turn Bullish

Chart Prepared by Jamie Saettele, CMT

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

“If gold has turned the corner (big if given that a sliding parallel top ticked Tuesday’s rally), then 1095/97 should provide support.”

-“Gold has rallied from a 9 year trendline. 1150-1175 is a big test for this rally.” That test failed so beware of downside resumption. Strength above 1170 would be a positive development and indicate that a broader bottom is trying to form. Until then, downside potential remains.

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

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