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Commodity Technical Analysis: Gold Nears Measured Objective

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." Last week's breakdown confirms the bearish suspicions. Continue to look lower from the current levels towards a Fibonacci confluence, former resistance, and channel support that cluster near 1630.

Commodity Trading Strategy : The most bearish count is valid against 1703. Shorts against that level remain warranted.

LEVELS: 1560 1600 1641 1676 1686 1703

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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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