Chart of the day: Gold

Blake Morrow Forex Analytix

Gold held key support on the dip to 1900 today and bounced aggressively. The reason why this is important is: a) it's a major trend line from the March lows. b) it defined the bull/bear line in the market.

Ahead of the Jackson Hole symposium, that is important. And, while we are above 1900 we are bullish, below it and we could see a swift move back to the 1840 (38% retracement) level or lower.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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