Commodity Technical Analysis: Gold Probes Short Term Trendline
Daily Bars
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: Gold's decline reversed just before the level where the decline from the October high would consist of 2 equal waves and the 61.8% retracement of the rally from the 2012 low. Currently testing short term trendline resistance and the 20 day average, a reaction would encounter support at 1680. Resistance is estimated above 1700.
Commodity Trading Strategy: Flat
LEVELS: 1635 1657 1680 1703 1723 1731
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: Gold's decline reversed just before the level where the decline from the October high would consist of 2 equal waves and the 61.8% retracement of the rally from the 2012 low. Currently testing short term trendline resistance and the 20 day average, a reaction would encounter support at 1680. Resistance is estimated above 1700.
Commodity Trading Strategy: Flat
LEVELS: 1635 1657 1680 1703 1723 1731
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