Gold Price Gets Trumped
Chart Prepared by Jamie Saettele, CMT
-“The big development in gold would be a break through the 2011-2012 trendline, which was resistance from June to September.” The trendline was resistance again on Tuesday. Needless to say, price is back below the 200 day average and near term focus is lower. The intersection of slope and the May low (1200) looks like a magnet.