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Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Last week’s rally reversed just shy of Fibonacci resistance at 1727 and another run on the level can’t be dismissed following today’s rally. The line in the sane for me is the 11/23 high at 1754.

Commodity Trading Strategy: Nothing.

LEVELS: 1641 1673 1685 1711 1723 1727

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

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