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Gold Price Break above 6 Year Trendline is Significant

Gold Price Break above 6 Year Trendline is Significant

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-I noted last update that “the weekly close for gold is important as a close above the 2011-2012 trendline would be the strongest indication yet of a major trend change. 1307 (big low in 2011 and high in December 2014) lines up as a level to pay attention to from a tactical standpoint.” The 2011-2012 trendline has been broken. For more on gold, check out this video.

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

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