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Commodity Technical Analysis: Gold Treads Water at Trendline Resistance

Commodity Technical Analysis: Gold Treads Water at Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Treads Water at Trendline Resistance

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold had held support 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: 1626 1642 1653 1679 1695 1703

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

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