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Commodity Technical Analysis: Gold Extends Gains, Tests Early January High

Commodity Technical Analysis: Gold Extends Gains, Tests Early January High

2013-01-17 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Extends Gains, Tests Early January High

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: The trendline that was broken on Tuesday served as support today as gold took out the January 2nd high. This is important because it nullifies bearish implications from a first day of the month (and year) high. Focus is on the trendline that extends off of the October and November 2012 highs and 50% retracement of the decline from the October high at 1710.

Commodity Trading Strategy: Look higher as long as price is above today’s low.

LEVELS: 1656 1666 1684 1700 1710 1731

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

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