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Gold Price Plunges…into Support

Gold Price Plunges…into Support

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-Last update noted that “gold has failed to hold 1155 which negates immediate upside potential. Given the fact that this rally initiated from a MAJOR long term support, one should still ‘look for’ supports though. 1130 might be that support (slope confluence and 2014 low).” 1130 didn’t do anything either but the rate has now reached trendline/channel support. If the lows in July were important, then gold probably heads higher from here. Failure to do so would leave the July lows vulnerable.

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

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