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Gold Expanding Pattern? Watch for 1247 Support Now

Gold Expanding Pattern? Watch for 1247 Support Now

2016-06-09 19:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Gold Expanding Pattern? Watch for 1247 Support Now

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 but this week’s rally might make that price unrealistic. As such, watch for support near 1250.

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