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Gold Price Finally Distancing from Trendline

Gold Price Finally Distancing from Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Price Finally Distancing from Trendline

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…bigger support is still lower (1280s).” Gold continues to struggle near the 2011-2012 trendline. Recent weakness could extend to the low 1260s before gold finds decent support.

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