Gold Testing Resistance in Form of High Volume Level
Chart Prepared by Jamie Saettele, CMT
-“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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