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Commodity Technical Analysis: Gold Falls Sharply and Leaves Advance in 3 Waves

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." 1680 proved ephemeral as gold has declined over $50 in less than 2 days. The advance from 1635 is left as a corrective 3 waves.

Commodity Trading Strategy : Sell strength if given the chance above 1660

LEVELS: 1585 1610 1635 1660 1670 1684

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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 Nasdaq, Inc.


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

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