Gold Price Getting Closer to a Potentially Big Pivot

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The big development in gold would be a break through the 2011-2012 trendline, which was resistance from June to September.” The trendline was resistance after the election. Needless to say, price is back below the 200 day average and near term focus is lower. The intersection of slope and the May low (1200) looks like a magnet.

Gold Price Getting Closer to a Potentially Big Pivot
Gold Price Getting Closer to a Potentially Big Pivot
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