Gold Breaks Important 1130 Level; Barriers Remain
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.” The level broke, which is a good sign with respect to a broader bottoming pattern forming. Near term, there is resistance to contend with near 1160.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.