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 Drop Beginning of December Break?

Commodity Technical Analysis: Gold Drop Beginning of December Break?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

Commodity_Technical_Analysis_Gold_Drop_Beginning_of_December_Break_body_gold.png, Commodity Technical Analysis: Gold Drop Beginning of December Break?

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Rallies should be sold and estimated resistance now comes in at 1709. The most bearish count, in which the 11/30 high completes a small 2nd wave, is valid as long as price is below 1731.52. 1685 may provide interim support.

Commodity Trading Strategy: Look to short strength near 1709 with a 1732 stop. 1630/45 (measured level and 8/31 low) is the target area.

LEVELS: 1646 1673 1685 1709 1723 1735

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

DISCLOSURES