Gold Price Sent to the Ledge after the Wedge

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The rally from December takes the shape of a wedge, which could spell trouble for the yellow metal as wedges often resolve with sharp reversals.” Gold has almost erased all of February (February low is 1198.06). The wedge target is the 1/27 low at 1180.42. January resistance should be watched for resistance again near 1219.