Gold News | Gold Responds to Trendline | Gold Daily Forecast |
| Posted: 28 Aug 2014 10:58 AM PDT Daily  Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0 Automate trades with Mirror Trader and see ideas on other USD crosses -"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. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.  |
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1 Comment for "Gold News | Gold Responds to Trendline | Gold Daily Forecast"
Downside seen limited due to lower dollar and lingering geopolitical tensions helped offset selling pressure from a record rally in U.S. equities.