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Commodity Technical Analysis: Gold Struggles at 61.8% Retracement

Commodity Technical Analysis: Gold Struggles at 61.8% Retracement

2012-11-28 01:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Struggles_at_61.8_Retracement_body_gold.png, Commodity Technical Analysis: Gold Struggles at 61.8% Retracement

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.” Weakness off of the 61.8% retracement demands respect but a drop below 11/20 high (1735.51) would create overlap and suggest that an important top is in place.

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.” Weakness below 1735.51 would turn me bearish against 1755.

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