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Gold Price Floor Might be 1190-1200

Gold Price Floor Might be 1190-1200

2016-03-24 18:31:00
Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Gold Price Floor Might be 1190-1200

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold completed a diagonal pattern (wedge) the week of February 12th. The objective from the pattern is the origin of the diagonal, which is 1392. 1307 is a good candidate for failure however. Near term, gold has traded to its first 20 day low since 12/3 (THE low). 1190 is defined by the October high, 2/16 low, and top side of former wedge resistance and is viewed as ‘ideal’ support for bullish continuation.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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