Gold Drops but Remains Constructive

By Jamie Saettele, CMT | DailyFX – Tue, Sep 25, 2012 7:21 AM SGT

240 Minute Bars

eliottWaves_gold_body_gold.png, Gold Drops but Remains Constructive

Prepared by Jamie Saettele, CMT

The decline from the high in gold is impulsive (5 waves) but that decline could just as well complete a flat. As such, it is best to refrain from the short side until a drop below last week’s low (1752). Also, the chart shown today highlights a common bullish setup in which RSI slips to new lows while price makes higher (although barely in this case) closes. Focus would shift to 1715 in the event of a 1752 break.

LEVELS: 1715 1737 1752 1780 1790 1800

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Market Data

  • Currencies
    NamePriceChange% Chg
    1.2571-0.00-0.38%
    USDSGD=X
    1.6833-0.01-0.41%
    EURSGD=X
    1.9634-0.01-0.52%
    GBPSGD=X
    75.63740.05+0.07%
    SGDJPY=X
    6.17070.02+0.36%
    SGDHKD=X
    2.50710.01+0.27%
    SGDMYR=X
    7,879.559629.49+0.38%
    SGDIDR=X
    4.87800.02+0.40%
    SGDCNY=X
    1.1946-0.00-0.20%
    AUDSGD=X
    More Currencies »
  • Commodities
    NamePriceChange% Chg
    1,365.80-0.90-0.07%
    GCN13.CMX
    21.61-0.07-0.30%
    SIM13.CMX
    100.32
    ^XAU
    3.160.01+0.21%
    HGM13.CMX
    98.920.48+0.49%
    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 »