Gold Pressing Limits on Larger Downtrend
Chart Prepared by Jamie Saettele, CMT
-“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. Resistance is estimated near 1150. A break above would indicate an important behavior change.