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Gold Rally Fails at Downtrend Resistance Again

Gold Rally Fails at Downtrend Resistance Again

2015-09-29 19:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Rally Fails at Downtrend Resistance Again

Chart Prepared by Jamie Saettele, CMT

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

-“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. Resistance is estimated near 1150. A break above would indicate an important behavior change.

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

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