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Gold Price is Constructive but 200 Day Average Still Above

Gold Price is Constructive but 200 Day Average Still Above

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Gold has 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.” 1180 wasn’t reached and gold has turned up sharply. Watch 1219 for support now but realize that price is still under the 200 day average. A push through the average would contribute to the broader constructive outlook.

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

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