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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.