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Gold Back for More at Well-Defined 1130

Gold Back for More at Well-Defined 1130

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Back for More at Well-Defined 1130

Chart Prepared by Jamie Saettele, CMT

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

-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 1113 should provide support.

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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