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Gold Tests March High; 1247 Still Support on a Dip

Gold Tests March High; 1247 Still Support on a Dip

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Tests March High; 1247 Still Support on a Dip

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 still think that the next major buying opportunity is mid-1100s but this rally might make that price unrealistic. As such, watch for support near 1250 if given the chance.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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

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