Gold Expanding Pattern? Watch for 1247 Support Now
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 but this week’s rally might make that price unrealistic. As such, watch for support near 1250.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.