Commodity Technical Analysis: Gold Has Retraced Entire 1/17 Move

Daily Bars

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis : Gold took out the January 2nd high last week. This is important because it nullifies bearish implications from a first day of the month (and year) high. Focus is on the trendline that extends off of the October and November 2012 highs and 50% retracement of the decline from the October high at 1710.

Commodity Trading Strategy : Looking for support, which extends to 1653, to hold.

LEVELS: 1642 1653 1662 1677 1687 1697