Gold 1230 Still Key to Near Term Upside Potential

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.” 1335/45 is still in the cards but be aware of the January 2015 high at 1307 as a near term inflection point. It’s a good sign that the recent dip held former resistance near 1230.

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