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Gold Price Tests Brexit Low

Gold Price Tests Brexit Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Gold Price Tests Brexit Low

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. 1250 (50%...not a Fib but a decent reference point) is the Brexit low and is being tested now (new video on copper and gold) so I’d take seriously any negative reaction. The 61.8% of the drop from the 2016 high and 2 equal legs up from December cluster at 1277/79 and is the next big upside objection.

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

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