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Commodity Technical Analysis: Gold Fibonacci Level of Interest at 1427

By , Sr. Technical Strategist
12 December 2012 02:26 GMT

Daily Bars

Commodity_Technical_Analysis_Gold_Fibonacci_Level_of_Interest_at_1427_body_gold.png, Commodity Technical Analysis: Gold Fibonacci Level of Interest at 1427

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Friday’s JS Spike right at mentioned support (1685) will probably propel gold to at least the 61.8% retracement of the decline from the 11/12 high at 1727. There is trendline resistance to keep an eye on as well.

Commodity Trading Strategy: Look to short strength from 1727 to 1738 with a 1754 stop.

LEVELS: 1673 1683 1704 1727 1738 1754

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12 December 2012 02:26 GMT