Gold Rejected on First 1130 Test
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “1130 (2014 low and close to the 200 day avg) does loom as resistance for the gold price. A break above 1130 would be viewed as a positive in what may be an attempt at forming a major bottoming pattern.” Clearly, 1130 is no joke for the gold price. Seasonals are positive into mid-February for the yellow metal but the 200 day average, (new) channel resistance, and the 2014 low all cluster around 1130. If gold has turned the corner, then 1100 should provide support.