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Gold Lower Channel Line of Interest Eventually

Gold Lower Channel Line of Interest Eventually

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-There is still MAJOR long term support just below here for gold but the year open (magenta line) sure did a number on the yellow metal. Since the 2011 top, gold has sold off every year into the end of the year (probably a result of selling for tax reasons). After the last several weeks, there’s no reason to suspect that 2015 will be any different. Focus is on the lower channel line.

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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