Gold Price Continues to Probe 200 Day Average from Below

Chart Prepared by Jamie Saettele, CMT

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-Gold has been at resistance (1250) for most of the last 3 weeks. The 200 day average is clearly important (tested and failed 3 times so far in 2017) but a push through the average would shift focus to 1278 (61.8% retracement from 2016 decline). If gold comes off now, then 1220 (resistance in January and support in February) should be watched for support.