Commodity Technical Analysis: Gold Support Expected Near 1700
Chart Prepared by Jamie Saettele, CMT
Commodity Observations: Gold extended gains initially before failing just above the 11/1 and 10/23 highs. The rally from the 11/5 low is impulsive. “The sharp advance following a sharp decline does suggest that weakness was exhaustive and that a base is forming from which price can work higher.”
Commodity Trading Strategy Implications: Expect a dip into 1695-1702 before another rally.
LEVELS: 1685 1695 1702 1727 1749 1775
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