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Commodity Technical Analysis: Gold Trying to Hold 1700

Commodity Technical Analysis: Gold Trying to Hold 1700

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Trying to Hold 1700

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: “This is a level that could produce a low although 1715 (9/13 low) is probably stronger. The drop has shifted reward/risk to bulls against the 9/7 low at 1689.” Gold slipped just below 1715 today before rallying over $10. At least a short term low appears to be in place and focus is higher towards 1753.

Commodity Trading Strategy Implications:

LEVELS: 1691 1700 1713 1754 1770 1780

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