Gold Price Leak Turns into a Flood – At Support Now
Chart Prepared by Jamie Saettele, CMT
-Recent gold analysis; “2011-2012 trendline was resistance after the election. Gold continues to trade around the 61.8% of the rally from the December 2015 low, which is a natural level for the market to react. 1200-1225 is near term resistance and needs to give way in order to turn positive for something bigger. Until then, additional downside can’t be dismissed into the 1120s or so.” Gold has dropped into the 1120s. If there is such a thing as support, then this is it. Failure to hold opens up 1062 (year open).
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