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Gold Price 2011-2012 Trendline is all that Matters

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Gold has been in a state of indecision since July. Each rally has failed at the trendline and each high has been lower than the prior high. This may need to resolve with a drop towards the low 1960s before broader strength can resume. If price closes above 1355, then action since July can be interpreted as a bullish wedge. Until that close is registered, risk remains for weakness towards the low 1260s.

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