Gold Price Flirting with Major Behavior Change
Chart Prepared by Jamie Saettele, CMT
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-“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.
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