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Commodity Technical Analysis: Gold Inside Day Indicates Indecision

Commodity Technical Analysis: Gold Inside Day Indicates Indecision

2013-01-16 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Inside Day Indicates Indecision

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold’s response at 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) is impressive. The break above trendline resistance that extends off of the November and December highs shifts immediate focus to the 1/2 high and trendline that extends off of the October and November highs.

Commodity Trading Strategy: Flat

LEVELS: 1626 1642 1653 1679 1695 1703

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