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Commodity Technical Analysis: Gold Consolidates for Second Day

Commodity Technical Analysis: Gold Consolidates for Second Day

2012-12-07 02:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Consolidates_for_Second_Day_body_gold.png, 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

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