Gold Price Stalls at 1263; Measurements Suggest a Triangle
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.