Gold Price Breakout-The Sequel
Chart Prepared by Jamie Saettele, CMT
-Recent gold updates noted that “the October high at 1191 has held as support, which confirms bullish behavior” and that “a triangle has formed over the last few weeks. The breakout objective from that pattern is 1336, which is near the July 2014 high of 1345.” Recent triangle resistance just turned support, which is a near term positive. Today’s low (1236.95) is important to the integrity of near term upside potential.