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Commodity Technical Analysis: Gold Probably Faces Resistance at 1727

By DailyFX,  December 10, 2012, 06:40:00 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." Friday's JS Spike right at mentioned support (1685) will probably propel gold to at least the 61.8% retracement of the decline from the 11/12 high at 1727. There is trendline resistance to keep an eye on as well.

Commodity Trading Strategy : Look to short strength from 1727 to 1738 with a 1754 stop.

LEVELS: 1673 1683 1704 1727 1738 1754

forex news currency trading


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

Referenced Stocks:



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