fxtrader66

Gold at Bear Trendline

FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold is technical on respecting trendlines . Price is currently at a trendline its respected since November 2012. IMO it could respect it again and bounce off of it for a short. However, if there is a strong daily close above it, it would be a buy signal with the trendline turning into possible support. Weekly chart showing trendline resistance
There is a possible inverse head and shoulders in the making and would long on signs of support from 1223/12 - Looking left of the chart, after the June low price found resistance near where price is currently trading and found support in the 1223/12 level.

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