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Commodity Technical Analysis: Gold Supported at 50% Retracement

By DailyFX,  November 15, 2012, 08:17:00 PM EDT

Daily Bars

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. Near term players may consider longs into 1700 (Fibonacci support at 1698).

LEVELS: 1685 1698 1705 1718 1731 1749

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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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