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Gold at 2011-2012 Trendline; Major Decision Point

Gold at 2011-2012 Trendline; Major Decision Point

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold at 2011-2012 Trendline; Major Decision Point

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last gold note remarked that “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).” Gold is testing the 2011-2012 line now. This is a major decision point for gold.

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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