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Gold Long Term Downtrend Supports at Just Below Current Market

Gold Long Term Downtrend Supports at Just Below Current Market

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Long Term Downtrend Supports at Just Below Current Market

Chart Prepared by Jamie Saettele, CMT

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

-There is no change to recent comments on the gold price other than noting that downtrend support is just under 1040 and that current COT figures are consistent with a market low. “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 (near the 2008 and 2009 highs). For more on gold, click here.”

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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