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Gold Gets Relief after Trendline Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support).” Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335.”

-Failure to hold the 200 DMA isn’t a good sign although the last hope for bulls near term is the trendline. Ultimately, it may be that gold has been tracing out a triangle since Dec 31st of 2013 that leads to new lows.

--Tradingideas are availabletoJ.S. Trade Desk members.

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