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Gold Price Launches Towards 2011-2012 Trendline and Fib Relationship

Chart Prepared by Jamie Saettele, CMT

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-“The 200 day average is clearly important (tested and failed 4 times so far in 2017) but a push through the average would shift focus to 1278 (61.8% retracement from 2016 decline).” Gold break through today (4/11) and is closing in on the mentioned 1278. The 2011-2012 trendline is up here too. A weekly close above the level (trendline and 1278) would be viewed as a major development.