Commodity Technical Analysis: Gold Looking to Extend Towards 1760s

By DailyFx | November 20, 2012 AAA

Daily Bars

Commodity_Technical_Analysis_Gold_Looking_to_Extend_Towards_1760s_body_gold.png, Commodity Technical Analysis: Gold Looking to Extend Towards 1760s
Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: "Gold bounced from the 50% retracement of the rally from 1672.50 Thursday but what bothers me about being bullish is the corrective nature of the rally from the low (3 waves). However, the low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggests that price is likely to stay above 1672.50 for the remainder of November. Perhaps a complex correction is underway (series of 3 wave movements) throughout November."

Commodity Trading Strategy: "I'm on the lookout for a wave 2 or B top below the October high at higher levels."

LEVELS: 1698 1705 1717 1739 1749 1780



You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC

  3. Forex News

    Dollar Ready to Reverse Should FOMC, GDP Give its Consent

  4. Forex News

    Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

  5. Forex News

    AUD/USD to Eye March High on Less-Dovish RBA, Fed Delay

Trading Center