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.” Today’s breakdown confirms the bearish suspicions. Continue to look lower from the current levels towards a Fibonacci confluence, former resistance, and channel support that cluster near 1630.
Commodity Trading Strategy: The most bearish count is valid against 1703. Shorts against that level are warranted.
LEVELS: 1641 1673 1685 1711 1723 1727
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