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Commodity Technical Analysis: Gold Tests 61.8% Retracement of Rally from 2011 Low

Commodity Technical Analysis: Gold Tests 61.8% Retracement of Rally from 2011 Low

2013-01-07 00:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Candles

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Tests 61.8% Retracement of Rally from 2011 Low

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold is testing HUGE support. The level in question is defined by the 61.8% retracement of the rally from the 2011 low (lowest level of the move from the record high) and former resistance (top of congestion from June to August 2012). The response at the level has been impressive. By the same token, a break of this well-defined support level could lead to a rush for the exits and extension of weakness.

Commodity Trading Strategy: Given the strong bounce from support, I’m inclined to look higher but weakness below Friday’s low negates anything bullish.

LEVELS: 1585 1610 1626 1660 1670 1684

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