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Commodity Technical Analysis: Gold Looking to Extend Towards 1760s

Commodity Technical Analysis: Gold Looking to Extend Towards 1760s

2012-11-22 00:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Looking_to_Extend_Towards_1760s_body_gold.png, Commodity Technical Analysis: Gold Looking to Extend Towards 1760s

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Gold bounced from the 50% retracement of the rally from 1672.50 Thursday but what bothers me about being bullish is the corrective nature of the rally from the low (3 waves). However, 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. Perhaps a complex correction is underway (series of 3 wave movements) throughout November.”

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

LEVELS: 1698 1705 1717 1739 1749 1780

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