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Commodity Technical Analysis: Gold Testing Fibonacci Support

Commodity Technical Analysis: Gold Testing Fibonacci Support

2013-01-28 22:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Testing Fibonacci Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: The current level, defined by the 61.8% retracement of the rally from the low and 1/4 close (1/4 is important because it was a high range day and high volume day), is critical to the next move in gold. Strength above Friday’s high would suggest that a low is in place.

Commodity Trading Strategy: Flat

LEVELS: 1626 1642 1655 1672 1683 1697

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

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