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Gold Price Pressing Former Support Zone

Gold Price Pressing Former Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold is testing an important region. Simply, 1302/11 is the recent support zone so this rally could be viewed as a re-test of the breakdown level. The May high is 1303.60, which increases the importance of the current juncture. The 200 day average and 10/5 high are marked as support at 1277. The big development in gold would be a break through the 2011-2012 trendline, which was resistance from June to September.

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

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