Gold Price Fails At Resistance

After having a great four-day run from the bottom, gold is now starting to fail from the top end of the range. Last week gold had one of its best weeks of the year, covering from the lows to the highs, similar to the pattern it had the week of Feb. 12.

The Feb. 12 rally failed at resistance, and this rally looks like it will fail as well. The market footprints indicate consolidation and with gold down $7 overnight, it looks to be headed back towards the bottom end of the range.

Until gold can close above $1,360 or below $1,300, expect gold to remain in this consolidation pattern. Sell the upper end and buy the lower end. One of these days gold will breakout to the top or the bottom and start a new trend, for now it’s in congestion 

Keep those stops tight.

By 08:20am EST spot gold was down $12 to $1,342, while spot silver was down nearly 1% at $16.59. Spot platinum plunged $10 to $949.

KitcoNews