Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: Gold took out the January 2nd high last week. This is important because it nullifies bearish implications from a first day of the month (and year) high. Focus is on the trendline that extends off of the October and November 2012 highs and 50% retracement of the decline from the October high at 1710.
Commodity Trading Strategy: Look higher as long as price is above the 1/17 low. Estimated support is former resistance at 1679.
LEVELS: 1656 1666 1679 1697 1710 1731
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