Gold Bearish Key Reversal

courtesy of DailyFX.com
February 06, 2012 03:33 PM


Prepared by Jamie Saettele, CMT



Gold reversed last week near the December high and has declined about 2% in the last 2 days. Price is nearing potential support from a trendline that extends off of the 12/29 and 1/25 lows. A drop below the trendline would shift focus to the January congestion zone at 1647/85. A bearish bias is valid against 1765.90.



Bottom Line – short, stop 1765.90, target open