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Gold Price Stalls at 1263; Measurements Suggest a Triangle

Gold Price Stalls at 1263; Measurements Suggest a Triangle

2016-04-12 19:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Price Stalls at 1263; Measurements Suggest a Triangle

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-1263 should provide resistance in gold if trade since 2/11 is a triangle. 1263 is the 2/11 high and where alternating legs would relate by .618. Bigger picture, 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.

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