Commodity Technical Analysis: Gold Consolidates for Second Day
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