Gold Rallies off of Support
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Chart Prepared by Jamie Saettele, CMT
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“If gold has turned the corner (big if given that a sliding parallel top ticked Tuesday’s rally), then 1095/97 should provide support.”
-“Gold has rallied from a 9 year trendline. 1150-1175 is a big test for this rally.”
-“That test failed so beware of downside resumption. Strength above 1170 would be a positive development and indicate that a broader bottom is trying to form. Until then, downside potential remains but 1096 sticks out as potential support.”
-1096 held and gold has turned up sharply. The next test of resistance may very well give way to a bullish breakout.
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