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Gold Pullback Deepens; Watch for 1240s Support

Gold Pullback Deepens; Watch for 1240s Support

2016-06-21 16:36:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Pullback Deepens; Watch for 1240s Support

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.” Gold took out the 2015 high last week before reversing lower. Watch for support in the 1240s.

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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