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Gold Price – 1200 is the Sweet Spot

Gold Price – 1200 is the Sweet Spot

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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 after the election. 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.

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

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