Commodity Technical Analysis: Gold Bounces Following Strong Sell Off

Daily Bars

Commodity_Technical_Analysis_Gold_Bounces_Following_Strong_Sell_Off_body_gold.png, Commodity Technical Analysis: Gold Bounces Following Strong Sell Off

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: I wrote yesterday that “weakness off of the 61.8% retracement demands respect but a drop below 11/20 high (1735.51) would create overlap and suggest that an important top is in place.” Gold didn’t just create overlap…the price nearly broke the 11/15 low. Viewed in light of the 3 wave advance from 1672.50, the trend is lower.

Commodity Trading Strategy: Given market conditions lately, there is nothing at this point that would surprise me but a move back to former resistance at 1735 would present a short opportunity against the 11/23 high.

LEVELS: 1673 1684 1705 1735 1745 1754

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3619+0.0043+0.32%
    USDSGD=X
    1.4948+0.0058+0.39%
    EURSGD=X
    1.7858+0.0095+0.53%
    GBPSGD=X
    77.8950-0.032-0.04%
    SGDJPY=X
    5.6939-0.0138-0.24%
    SGDHKD=X
    2.9841-0.0056-0.19%
    SGDMYR=X
    9,648.6963-35.4873-0.37%
    SGDIDR=X
    4.9039-0.0184-0.37%
    SGDCNY=X
    1.0164+0.0041+0.41%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,314.00-9.40-0.71%
    GCQ16.CMX
    19.47-0.22-1.14%
    SIU16.CMX
    100.60-3.14-3.03%
    ^XAU
    2.230.00-0.16%
    HGU16.CMX
    43.35-0.84-1.90%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.120.00
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.34-0.03-8.11%
    5ME.SI
    0.168-0.003-1.75%
    N21.SI
    0.137-0.004-2.84%
    43E.SI
    3.18+0.05+1.60%
    C31.SI
    4.28-0.02-0.47%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.25+0.09+56.25%
    BFT.SI
    0.245+0.045+22.50%
    BTF.SI
    0.40+0.05+14.29%
    BDF.SI
    0.165+0.015+10.00%
    5G1.SI
    0.25+0.02+8.70%
    BLW.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.40-0.05-11.11%
    567.SI
    0.118-0.013-9.92%
    BGK.SI
    0.235-0.025-9.62%
    M1Z.SI
    0.22-0.02-8.33%
    BHO.SI
    0.34-0.03-8.11%
    5ME.SI