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Commodity Technical Analysis: Gold Probes Short Term Trendline

Commodity Technical Analysis: Gold Probes Short Term Trendline

2013-01-02 23:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Probes Short Term Trendline

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold’s decline reversed just before the level where the decline from the October high would consist of 2 equal waves and the 61.8% retracement of the rally from the 2012 low. Currently testing short term trendline resistance and the 20 day average, a reaction would encounter support at 1680. Resistance is estimated above 1700.

Commodity Trading Strategy: Flat

LEVELS: 1635 1657 1680 1703 1723 1731

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

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