Gold Price Faces Range Highs and 200 Day Average after 6 day Run

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 and shift focus to 1278 (61.8% retracement from 2016 decline).