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Commodity Technical Analysis: Gold Sits on 1700

Commodity Technical Analysis: Gold Sits on 1700

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Sits on 1700

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: “Gold is nearing potentially strong support from the 38.2 retracement of the rally from 1522.50 at 1691.40 and 9/7 low at 1689.05. The decline from the top would consist of 2 equal legs at 1685.63 (also the 9/3 low).”

Commodity Trading Strategy Implications: 1685-1691 is a level to consider longs

LEVELS: 1646 1677 1685/91 1714 1730 1753

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.