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Commodity Technical Analysis: Gold Structural and Measured Resistance into 1750

Commodity Technical Analysis: Gold Structural and Measured Resistance into 1750

2012-11-09 02:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Structural_and_Measured_Resistance_into_1750_body_gold.png, Commodity Technical Analysis: Gold Structural and Measured Resistance into 1750

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Gold extended gains just above structural resistance and is nearing resistance from measured levels at 1740, 1749, and 1762. The latter level is where the rally from the low would consist of 2 equal legs.1780 can’t be ruled out either.

Commodity Trading Strategy Implications: I’m on the lookout for a wave 2 or B top below the October high.

LEVELS: 1685 1703 1712 1749 1762 1780

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