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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.