Commodity Technical Analysis: Gold Nears Measured Objective

By Jamie Saettele, CMT | DailyFX – Tue, Dec 25, 2012 12:29 AM SGT

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Nears Measured Objective

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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Market Data

  • Currencies
    NamePriceChange% Chg
    1.2572-0.00-0.05%
    USDSGD=X
    1.6134-0.00-0.10%
    EURSGD=X
    1.9071-0.00-0.04%
    GBPSGD=X
    82.05930.35+0.43%
    SGDJPY=X
    6.1642-0.04-0.68%
    SGDHKD=X
    2.4038-0.00-0.15%
    SGDMYR=X
    7,760.8999-33.50-0.43%
    SGDIDR=X
    4.8886-0.03-0.62%
    SGDCNY=X
    1.2233-0.00-0.05%
    AUDSGD=X
    More Currencies »
  • Commodities
    NamePriceChange% Chg
    1,358.30-28.60-2.06%
    GCM13.CMX
    22.18-0.53-2.32%
    SIU13.CMX
    97.49-3.30-3.28%
    ^XAU
    3.320.03+0.77%
    HGN13.CMX
    96.020.86+0.90%
    CLM13.NYM
    More Commodities »
  • Bonds
    TreasuryYield (%)Yield Change
    0.830.06
    ^FVX
    1.950.08
    ^TNX
    3.160.08
    ^TYX
    More Bonds »

MARKET MOVERS

  • Most Actives
    NamePriceChange% Chg
    0.196-0.00-0.51%
    I26.SI
    0.191-0.44-69.68%
    M41.SI
    0.1080.00+2.86%
    D4N.SI
    0.4950.03+5.32%
    GJ8.SI
    0.670.00+0.75%
    Y92.SI
    More Most Actives »
  • % Gainers
    NamePriceChange% Chg
    0.1450.03+26.09%
    G5X.SI
    0.670.07+12.61%
    5VJ.SI
    0.3850.03+10.00%
    594.SI
    1.5230.11+8.01%
    O9D.SI
    0.280.02+7.69%
    5OS.SI
    More % Gainers »
  • % Losers
    NamePriceChange% Chg
    0.191-0.44-69.68%
    M41.SI
    0.24-0.06-20.00%
    E94.SI
    0.117-0.01-10.00%
    D08.SI
    0.101-0.01-8.18%
    T16.SI
    0.715-0.06-7.14%
    L5I.SI
    More % Losers »