Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

By Jamie Saettele, CMT | DailyFX – Thu, Nov 15, 2012 9:31 AM SGT

Daily Bars

Commodity_Technical_Analysis_Gold_Enters_Day_4_of_Tight_Consolidation_body_gold.png, Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold has traded sideways the last 4 days after rallying for 4 days from a multi month low. The 61.8% retracement at 1749 remains of interest. 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) suggests 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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Market Data

  • Currencies
    NamePriceChange% Chg
    1.25520.00+0.08%
    USDSGD=X
    1.61710.00+0.07%
    EURSGD=X
    1.9134-0.00-0.02%
    GBPSGD=X
    81.80930.27+0.33%
    SGDJPY=X
    6.1832-0.01-0.09%
    SGDHKD=X
    2.4004-0.00-0.11%
    SGDMYR=X
    7,775.4688-5.95-0.08%
    SGDIDR=X
    4.8874-0.01-0.18%
    SGDCNY=X
    1.23290.00+0.23%
    AUDSGD=X
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  • Commodities
    NamePriceChange% Chg
    1,389.705.60+0.40%
    GCM13.CMX
    22.650.06+0.28%
    SIN13.CMX
    103.06
    ^XAU
    3.35-0.01-0.19%
    HGN13.CMX
    97.100.17+0.18%
    CLN13.NYM
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    TreasuryYield (%)Yield Change
    0.84
    ^FVX
    1.96
    ^TNX
    3.17
    ^TYX
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    I26.SI
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    E5H.SI
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    5RJ.SI
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    M9F.SI
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    566.SI
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    M9F.SI
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    T16.SI
    0.620.08+15.89%
    I06.SI
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    5TW.SI
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