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Commodity Technical Analysis: Gold Testing Near Term Trendline Resistance

Commodity Technical Analysis: Gold Testing Near Term Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Testing Near Term Trendline Resistance

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold huge support last week 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. Near term, gold is testing resistance from a near term trendline and lower lows are in place below 1695.

Commodity Trading Strategy: Flat

LEVELS: 1642 1651 1665 1684 1695 1703

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

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