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Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

Commodity_Technical_Analysis_Gold_Enters_Day_4_of_Tight_Consolidation_body_gold.png, Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold has traded sideways the last 4 days after rallying for 4 days from a multi month low. The 61.8% retracement at 1749 remains of interest. 1780 can’t be ruled out either. The low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggests that price is likely to stay above 1672.50 for the remainder of November.

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

LEVELS: 1685 1698 1713 1749 1762 1780

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

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