Gold Price Supported Near 1200; Test of Highs Coming
Chart Prepared by Jamie Saettele, CMT
-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.