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Gold Price at 5 Year Trendline for 3rd Consecutive Month

Gold Price at 5 Year Trendline for 3rd Consecutive Month

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Price at 5 Year Trendline for 3rd Consecutive Month

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold has been in a state of indecision since July. Each rally has failed at the trendline and each high has been lower than the prior high. This may need to resolve with a drop towards the low 1960s before broader strength can resume. If price closes above 1355, then action since July can be interpreted as a bullish wedge. Until that close is registered, risk remains for weakness towards the low 1260s.

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.

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