Gold Price Slammed Lower; July Low Provides Support on the Day
Chart Prepared by Jamie Saettele, CMT
-The last several updates of 2015 reiterated that “support is just under 1040 and that current COT figures are consistent with a market low.” Gold ended up holding the 1046 low (a weekly reversal formed that week). The turn higher in the New Year is consistent with how gold has traded the last several years (low into late December and then a strong start to the year). 1130 (2014 low and close to the 200 day avg) does loom as resistance for the gold price. A push through would be viewed as a positive in what may be an attempt at forming some sort of bottoming pattern.
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