News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Commodity Technical Analysis: Gold May Still Extend Through 1770

Commodity Technical Analysis: Gold May Still Extend Through 1770

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

Commodity_Technical_Analysis_Gold_May_Still_Extend_Through_1770_body_gold.png, Commodity Technical Analysis: Gold May Still Extend Through 1770

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.” 1770/80 is of interest as a reversal zone.

LEVELS: 1719 1727 1736 1763 1771 1780

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

DISCLOSURES