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Commodity Technical Analysis: Gold Has Retraced Entire 1/17 Move

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Has Retraced Entire 1/17 Move

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: Looking for support, which extends to 1653, to hold.

LEVELS: 1642 1653 1662 1677 1687 1697

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24 January 2013 22:01 GMT