Gold Bounces but Long Term Trend at Risk

courtesy of DailyFX.com
April 09, 2012 04:23 AM


Prepared by Jamie Saettele, CMT



Focus remains on early year pivots at 1600/10. Price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. Gold is at resistance now from the 3/29 low and 4/4 high.



Bottom Line (next 5 days) – lower