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Gold At Trendline For Third Consecutive Month

Technicals | Sep 23 2016

By Jamie Saettele, CMT, senior technical strategist, FXCM

Gold at 5-year trendline for third consecutive month

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 [US$] 1260s 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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