Gold Price Back into the 1240/50 Resistance Zone

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold is playing the Fibs (or the Fibs are playing gold). The 38.2%, which was resistance in January, has been support in February. 1240/50 is still a big zone…this is resistance (check out the video from 2/8). As noted previously, “a market that is trending higher and finding support at former resistance is bullish but the non-confirmation between gold and silver (new high for silver…silver video) remains worrisome.”