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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

2012-12-19 03:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Probes_Lows_before_Closing_Near_High_of_Day_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.” 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

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

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