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Gold Bottoms Where it Should Have

Gold Bottoms Where it Should Have

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Bottoms Where it Should Have

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.”

-“Resistance influenced near 1150. Watch for support now at 1107.25.” Support came in just below 1107.25 (low was 1104.50). Gold is back at resistance and a breakout would signal a major 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.

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