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Gold Price-If a Triangle then Should See Resistance Near 1263

Gold Price-If a Triangle then Should See Resistance Near 1263

2016-04-07 18:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Price-If a Triangle then Should See Resistance Near 1263

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The only additional comment required for gold is that 1263 should provide resistance if trade since 2/11 is a triangle. 1263 is the 2/11 high and where alternating legs would relate by .618. “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, the consolidation since 2/11 may end up as a triangle (b wave high and a=c…so far) before additional strength.”

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