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Gold Price Trades above Long Term Trendline

Gold Price Trades above Long Term Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The latest gold comments noted that “strength through the 2011-2012 trendline would be a major development but gold is showing signs of failure at the 2011-2012 line. Gold has stabilized near former congestion (6/16 high and 6/28 low) but bigger support is still lower (mid-1280s). Trading resistance may be 1350/55.” Price is above the 2011-2012 line as I type so the ‘major development’ possibility is back on the table.

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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