Gold Price Back into the 1240/50 Resistance Zone
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Gold Price Back into the 1240/50 Resistance Zone

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Chart Prepared by Jamie Saettele, CMT

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-Gold is playing the Fibs (or the Fibs are playing gold). The 38.2%, which was resistance in January, has been support in February. 1240/50 is still a big zone…this is resistance (check out the video from 2/8 ). As noted previously, "a market that is trending higher and finding support at former resistance is bullish but the non-confirmation between gold and silver (new high for silver… silver video ) remains worrisome."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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