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

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
Loading...
 
Recent Quotes
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.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3487-0.0001-0.01%
    USDSGD=X
    1.4910-0.0001-0.01%
    EURSGD=X
    2.1044-0.0002-0.01%
    GBPSGD=X
    90.8943+0.025+0.03%
    SGDJPY=X
    5.7487+0.0004+0.01%
    SGDHKD=X
    2.8364+0.0002+0.01%
    SGDMYR=X
    9,853.1172+0.6553+0.01%
    SGDIDR=X
    4.6035+0.00020.00%
    SGDCNY=X
    1.0110-0.0006-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,168.50-5.80-0.49%
    GCV15.CMX
    15.76-0.05-0.31%
    SIZ15.CMX
    63.50+0.86+1.36%
    ^XAU
    2.530.00-0.18%
    HGU15.CMX
    52.45-4.48-7.87%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.55-0.10
    ^FVX
    2.28-0.12
    ^TNX
    3.07-0.12
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.168+0.012+7.69%
    5DN.SI
    0.295-0.005-1.67%
    5WA.SI
    0.172-0.020-10.42%
    5GB.SI
    0.715-0.035-4.67%
    N21.SI
    0.905-0.005-0.55%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.335+0.085+34.00%
    Y06.SI
    0.335+0.030+9.84%
    UQ4.SI
    0.245+0.020+8.89%
    H64.SI
    0.595+0.045+8.18%
    AWK.SI
    0.168+0.012+7.69%
    5DN.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.192-0.048-20.00%
    MR8.SI
    0.091-0.018-16.51%
    5PO.SI
    0.151-0.019-11.18%
    K22.SI
    0.172-0.020-10.42%
    5GB.SI
    1.265-0.130-9.32%
    T14.SI