Commodity Technical Analysis: Gold Support Expected Near 1700

By Jamie Saettele, CMT | DailyFX – Thu, Nov 8, 2012 9:09 AM SGT

Companies:

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,538.70

Daily Bars

Commodity_Technical_Analysis_Gold_Support_Expected_Near_1700_body_gold.png, Commodity Technical Analysis: Gold Support Expected Near 1700

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Gold extended gains initially before failing just above the 11/1 and 10/23 highs. The rally from the 11/5 low is impulsive. “The sharp advance following a sharp decline does suggest that weakness was exhaustive and that a base is forming from which price can work higher.”

Commodity Trading Strategy Implications: Expect a dip into 1695-1702 before another rally.

LEVELS: 1685 1695 1702 1727 1749 1775

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

 
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
Save List to Portfolio »
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    NamePriceChange% Chg
    1.2563-0.01-0.44%
    USDSGD=X
    1.6822-0.01-0.47%
    EURSGD=X
    1.9629-0.01-0.54%
    GBPSGD=X
    75.71440.13+0.17%
    SGDJPY=X
    6.17420.03+0.42%
    SGDHKD=X
    2.50860.01+0.33%
    SGDMYR=X
    7,884.264234.19+0.44%
    SGDIDR=X
    4.88080.02+0.46%
    SGDCNY=X
    1.1942-0.00-0.22%
    AUDSGD=X
    More Currencies »
  • Commodities
    NamePriceChange% Chg
    1,366.60-0.10-0.01%
    GCN13.CMX
    21.61-0.07-0.30%
    SIM13.CMX
    100.32
    ^XAU
    3.160.01+0.21%
    HGM13.CMX
    98.900.46+0.47%
    CLN13.NYM
    More Commodities »
  • Bonds
    TreasuryYield (%)Yield Change
    1.05
    ^FVX
    2.18
    ^TNX
    3.34
    ^TYX
    More Bonds »

MARKET MOVERS

  • Most Actives
    NamePriceChange% Chg
    0.151-0.00-0.66%
    I26.SI
    0.1230.00+2.50%
    A15.SI
    0.1570.00+1.29%
    5GC.SI
    0.5850.02+4.46%
    GJ8.SI
    3.69-0.08-2.12%
    Z74.SI
    More Most Actives »
  • % Gainers
    NamePriceChange% Chg
    0.170.02+13.33%
    CL7.SI
    0.160.02+10.34%
    595.SI
    0.150.01+10.29%
    D08.SI
    0.2350.02+9.30%
    C3T.SI
    0.120.01+9.09%
    V69.SI
    More % Gainers »
  • % Losers
    NamePriceChange% Chg
    0.194-0.03-11.82%
    5RA.SI
    0.106-0.01-10.17%
    5FF.SI
    1.67-0.11-6.18%
    GZ9.SI
    0.10-0.00-4.76%
    C06.SI
    0.30-0.01-4.76%
    S85.SI
    More % Losers »