Gold Price Rockets off of May High
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…bigger support is still lower (1280s).” Gold dipped under the July low before finding support at the May high. In just 3 days, the metal is back at the long term trendline. Perhaps that dip was needed in order to rid the market of weak hands before the bigger mark-up.
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