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.
For more analysis and trade setups (exact entry and exit), visit SB Trade Desk
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.