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Commodity Technical Analysis: Gold Consolidates for Second Day

By DailyFX,  December 06, 2012, 09:08:00 PM EDT

Daily Bars

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis : "Viewed in light of the 3 wave advance from 1672.50, the trend is lower." Rallies should be sold and estimated resistance now comes in at 1709. The most bearish count, in which the 11/30 high completes a small 2 nd wave, is valid as long as price is below 1731.52. 1685 may provide interim support.

Commodity Trading Strategy : Look to short strength near 1709 with a 1732 stop. 1630/45 (measured level and 8/31 low) is the target area.

LEVELS: 1646 1673 1685 1709 1723 1735

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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