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. Gold has been in a state of indecision since July. Every day, there are proclamations of the ‘big move coming’, whether up or down. In reality, we may be near the end of consolidation (wedge since July).