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Commodity Technical Analysis: Gold Consolidates Gains

By , Sr. Technical Strategist
13 November 2012 02:42 GMT

Daily Bars

Commodity_Technical_Analysis_Gold_Consolidates_Gains_body_gold.png, Commodity Technical Analysis: Gold Consolidates Gains

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Gold has traded sideways the last 2 days after rallying for 4 days from multi month low. Measured levels at 1740, 1749, and 1762 remain of interest. The latter level is where the rally from the low would consist of 2 equal legs. 1780 can’t be ruled out either. The low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggest that price is likely to stay above 1672.50 for the remainder of November.

Commodity Trading Strategy Implications: I’m on the lookout for a wave 2 or B top below the October high at higher levels.

LEVELS: 1685 1703 1712 1749 1762 1780

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13 November 2012 02:42 GMT