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Commodity Technical Analysis: Gold Nearing Potential Support at 1713

Daily Bars

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis : Gold has traded slightly lower the last 3 days after rallying for 4 days from multi month low. Measured levels at 1740, 1749, and 1762 remain of interest. The latter level is where the rally from the low would consist of 2 equal legs. 1780 can't be ruled out either. The low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggest that price is likely to stay above 1672.50 for the remainder of November.

Commodity Trading Strategy : I'm on the lookout for a wave 2 or B top below the October high at higher levels.

LEVELS: 1685 1698 1713 1749 1762 1780

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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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