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Gold Bigger Support Might not be Until Mid-1100s

Gold Bigger Support Might not be Until Mid-1100s

2016-05-19 19:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Bigger Support Might not be Until Mid-1100s

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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. I wouldn’t want to see price much below 1247 (watch for support) if the move is still higher.” The 1247 break delays the broader bullish case. Gold could bounce here (March low) but major support probably isn’t until the 200 day average / former resistance line in the mid-1100s.

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