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
    1.3761-0.0003-0.02%
    USDSGD=X
    1.4906+0.0007+0.05%
    EURSGD=X
    2.0375-0.00010.00%
    GBPSGD=X
    87.2657-0.0236-0.03%
    SGDJPY=X
    5.6354+0.0012+0.02%
    SGDHKD=X
    2.6998+0.0019+0.07%
    SGDMYR=X
    9,511.0410-5.4561-0.06%
    SGDIDR=X
    4.5103-0.0011-0.02%
    SGDCNY=X
    1.0535+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,184.70-0.10-0.01%
    GCJ15.CMX
    16.70+0.03+0.19%
    SIK15.CMX
    66.52-1.21-1.78%
    ^XAU
    2.780.00+0.07%
    HGK15.CMX
    48.62-0.06-0.12%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.420.00
    ^FVX
    1.96+0.01
    ^TNX
    2.56+0.03
    ^TYX

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