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Gold Price Channel Break; Could Bounce Near 1096

Gold Price Channel Break; Could Bounce Near 1096

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 and the entire rally from September has nearly been retraced. 1096 could inspire for short term support but the bullish channel break suggests that the gold price will soon be at a new low price.

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

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