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Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

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." Today'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 are warranted.

LEVELS: 1641 1673 1685 1711 1723 1727

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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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