Gold Price Trades above Long Term Trendline
Chart Prepared by Jamie Saettele, CMT
-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.
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