Gold Price Consolidating on 2011-2012 Line

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Chart Prepared by Jamie Saettele, CMT

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-“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) and 1264 line up as levels to pay attention to from a tactical standpoint.” The proposed support is being tested now. Failure to hold here would shift focus to the next horizontal level near 1240.

Gold Price Consolidating on 2011-2012 Line
Gold Price Consolidating on 2011-2012 Line
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