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Commodity Technical Analysis: Gold May Still Extend Through 1770

By , Sr. Technical Strategist
27 November 2012 02:34 GMT

Daily Bars

Commodity_Technical_Analysis_Gold_May_Still_Extend_Through_1770_body_gold.png, Commodity Technical Analysis: Gold May Still Extend Through 1770

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Gold bounced from the 50% retracement of the rally from 1672.50 Thursday but what bothers me about being bullish is the corrective nature of the rally from the low (3 waves). However, the low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggests that price is likely to stay above 1672.50 for the remainder of November. Perhaps a complex correction is underway (series of 3 wave movements) throughout November.”

Commodity Trading Strategy: “I’m on the lookout for a wave 2 or B top below the October high at higher levels.” 1770/80 is of interest as a reversal zone.

LEVELS: 1719 1727 1736 1763 1771 1780

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27 November 2012 02:34 GMT