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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.164-0.002-1.20%
    N21.SI
    0.161+0.016+11.03%
    40E.SI
    1.015+0.035+3.57%
    G13.SI
    0.096-0.005-4.95%
    5I0.SI
    0.445+0.015+3.49%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.53+0.05+11.58%
    43F.SI
    0.161+0.016+11.03%
    40E.SI
    0.34+0.03+9.68%
    P9D.SI
    0.195+0.015+8.33%
    AZT.SI
    0.335+0.025+8.06%
    43A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.485-0.100-17.09%
    L5I.SI
    0.199-0.036-15.32%
    40D.SI
    0.205-0.025-10.87%
    BQN.SI
    0.178-0.001-0.56%
    5TR.SI
    0.37-0.04-9.76%
    BLL.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4223+0.0015+0.11%
    USDSGD=X
    1.5265+0.0038+0.25%
    EURSGD=X
    1.7953-0.0068-0.38%
    GBPSGD=X
    80.2490-0.0020.00%
    SGDJPY=X
    5.4514-0.0046-0.08%
    SGDHKD=X
    3.1133+0.0036+0.12%
    SGDMYR=X
    9,405.9121-40.1143-0.42%
    SGDIDR=X
    4.8375-0.0045-0.09%
    SGDCNY=X
    1.0571-0.0031-0.29%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,166.40-1.20-0.10%
    GCZ16.CMX
    16.65-0.09-0.57%
    SIZ16.CMX
    82.15-0.64-0.77%
    ^XAU
    2.68+0.01+0.32%
    HGZ16.CMX
    50.55-0.38-0.75%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.840.00
    ^FVX
    2.40+0.01
    ^TNX
    3.08+0.03
    ^TYX