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Commodity Technical Analysis: Gold Former Resistance is Estimated Support at 1679

Commodity Technical Analysis: Gold Former Resistance is Estimated Support at 1679

2013-01-23 21:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Former Resistance is Estimated Support at 1679

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Gold took out the January 2nd high last week. 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 the 1/17 low. Estimated support is former resistance at 1679.

LEVELS: 1656 1666 1679 1697 1710 1731

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