Gold Price Pokes above 2011-2012 Trendline
04 Aug 2016 19:34, GMTDaily
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).” 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.