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Gold Price-1214 is Key Near Term Level

Gold Price-1214 is Key Near Term Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Price-1214 is Key Near Term Level

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” The recent high was a few ticks shy of 1263. If a triangle is underway then 1214 should hold as support.

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