Gold Price at 9 Month Trendline Support
Chart Prepared by Jamie Saettele, CMT
-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.