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Gold Price – Former Resistance at 1219 Should be Watched for Support

Gold Price – Former Resistance at 1219 Should be Watched for Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Gold held the 20 and 55 day averages, which exhibit a positive cross. This dynamic (positive cross and the averages holding support) has happened several times over the last year and each time led to solid gains.” Gold continues to act well following the noted moving average dynamic. Be aware of 1250 (50% retracement of decline from 2016 high) as a trouble area. Recent highs near 1219 should be watched for support.

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

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