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Gold Price Back into the 1240/50 Resistance Zone

Gold Price Back into the 1240/50 Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist


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.