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  • US Indices are all notably down today and the $VIX has risen back above 19.0, trading at a fresh high for the month. DOW -0.91% SPX -0.96% NDX -1.40% RUT -2.49% $DIA $SPY $QQQ $IWM https://t.co/NiUakfonzK
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Commodity Technical Analysis: Gold Probes Short Term Trendline

Commodity Technical Analysis: Gold Probes Short Term Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

Commodity_Technical_Analysis_Gold_Probes_Short_Term_Trendline_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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