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Gold Price Supported Near 1200; Test of Highs Coming

Gold Price Supported Near 1200; Test of Highs Coming

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Gold Price Supported Near 1200; Test of Highs Coming

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 reversed sharply from 1205 (6/18/15 high). 1190 is also potential support for resumption and is defined by the October high, 2/16 low, and top side of former wedge resistance.

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

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