Gold has found a bid and has rallied to a high for February, which breaks the series of lower highs and puts the downtrend in jeopardy. Gold is holding above a short term channel but price declining from the top of its long term channel warns of a significant reversal lower.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].