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Gold Testing Resistance in Form of High Volume Level

Gold Testing Resistance in Form of High Volume Level

Jamie Saettele, CMT, Sr. Technical Strategist


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.” The 1247 break delays the broader bullish case…major support probably isn’t until the 200 day average / former resistance line in the mid-1100s. I still think that the next major buying opportunity is mid-1100s. Gold is testing resistance from the 2/11 close right now (that day was the highest volume day in years). Near term, a stretch into 1163/70 isn’t a…stretch.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.