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Commodity Technical Analysis: Gold Plunges from Fibonacci Level

By , Sr. Technical Strategist
29 November 2012 01:40 GMT

Daily Bars

Commodity_Technical_Analysis_Gold_Plunges_from_Fibonacci_Level_body_gold.png, Commodity Technical Analysis: Gold Plunges from Fibonacci Level

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: I wrote yesterday that “weakness off of the 61.8% retracement demands respect but a drop below 11/20 high (1735.51) would create overlap and suggest that an important top is in place.” Gold didn’t just create overlap…the price nearly broke the 11/15 low. Viewed in light of the 3 wave advance from 1672.50, the trend is lower.

Commodity Trading Strategy: Given market conditions lately, there is nothing at this point that would surprise me but a move back to former resistance at 1735 would present a short opportunity against the 11/23 high.

LEVELS: 1673 1684 1705 1735 1745 1754

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29 November 2012 01:40 GMT