Gold Reaches Confluence of Resistance at 1322

From dailypriceaction.com

February 28th was the last time I wrote about gold, at least on the public site. The market was in the process of breaking rising wedge support at 1318. The breakdown that followed set us up with a target of 1280. Here’s what I wrote on the 28th of February: If sellers manage a daily close (New York 5 pm EST) below 1318, we could see gold slide lower toward the 1300 support region. In fact, if 1318 gives out this week, I would suspect we will see gold move lower toward the wedge inception point at 1280. Gold hit our 1280 target in record time. Sellers carved a low of 1281.17 on March 5th and 1280.86 on the 7th. As ... (full story)