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Gold 2011-2012 Line is Just above Brexit High

Gold 2011-2012 Line is Just above Brexit High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “Gold took out the 2015 high last week before reversing lower. Watch for support in the 1240s.” The low pre-Brexit was 1250 and the post-Brexit spike didn’t quite obtain the 2011-2012 trendline. As such, a re-test of the high and trendline test may be in order. Strength through the trendline would be a major development. This market is viewed as high risk at the moment due to the extreme ownership profile (COT).

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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