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Commodity Technical Analysis: Gold Falls Sharply and Leaves Advance in 3 Waves

Commodity Technical Analysis: Gold Falls Sharply and Leaves Advance in 3 Waves

2013-01-04 03:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Commodity_Technical_Analysis_Gold_Falls_Sharply_and_Leaves_Advance_in_3_Waves_body_gold.png, Commodity Technical Analysis: Gold Falls Sharply and Leaves Advance in 3 Waves

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.” 1680 proved ephemeral as gold has declined over $50 in less than 2 days. The advance from 1635 is left as a corrective 3 waves.

Commodity Trading Strategy: Sell strength if given the chance above 1660

LEVELS: 1585 1610 1635 1660 1670 1684

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