Gold Rallies off of Support
Chart Prepared by Jamie Saettele, CMT
“If gold has turned the corner (big if given that a sliding parallel top ticked Tuesday’s rally), then 1095/97 should provide support.”
-“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 but 1096 sticks out as potential support.”
-1096 held and gold has turned up sharply. The next test of resistance may very well give way to a bullish breakout.