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Commodity Technical Analysis: Gold Breaks Through Trendline Resistance

Jamie Saettele, CMT


Daily Bars

Commodity_Technical_Analysis_Gold_Breaks_Through_Trendline_Resistance_body_gold.png, Commodity Technical Analysis: Gold Breaks Through Trendline Resistance

Chart Prepared by Jamie Saettele, CMT


Commodity Analysis: Gold’s response at the 61.8% retracement of the rally from the 2011 low (lowest level of the move from the record high) and former resistance (top of congestion from June to August 2012) is impressive. The break above trendline resistance that extends off of the November and December highs shifts immediate focus to the 1/2 high and trendline that extends off of the October and November highs.


Commodity Trading Strategy: Flat


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