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Gold Pierces Breakdown Line

Jamie Saettele, CMT

DailyFX.com -

Daily

Gold Pierces Breakdown Line
Gold Pierces Breakdown Line

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Pay attention to RSI, which has been coiling since November. The length of the momentum coil indicates a great deal of stored energy and the potential for an explosive move.”

-The latest attempt on the upside failed (RSI failed at its own trendline), which keeps the broader move sideways to down. Of note as well is a possible head and shoulders pattern. Gold is testing the breakdown level now. A rally above the 6/29 high is needed in order to shift focus higher.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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