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Gold Rallies off of Support

Gold Rallies off of Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Rallies off of Support

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 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.

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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