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
    1.3693-0.0017-0.12%
    USDSGD=X
    1.5103-0.0023-0.15%
    EURSGD=X
    2.0883-0.0029-0.14%
    GBPSGD=X
    87.6324+0.0316+0.04%
    SGDJPY=X
    5.6642+0.0077+0.14%
    SGDHKD=X
    2.6695+0.0056+0.21%
    SGDMYR=X
    9,473.8193-30.2188-0.32%
    SGDIDR=X
    4.5750+0.004+0.09%
    SGDCNY=X
    1.0697+0.0028+0.26%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.40+3.20+0.27%
    GCJ15.CMX
    16.21+0.05+0.32%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.650.00+0.09%
    HGK15.CMX
    51.07+0.31+0.61%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.005-0.010-0.01%
    41H.SI
    1.245+0.015+1.22%
    41I.SI
    1.05+0.04+4.48%
    N21.SI
    0.93-0.02-2.11%
    G13.SI
    0.815+0.030+3.82%
    A26.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.119+0.014+13.33%
    5CH.SI
    0.245+0.020+8.89%
    MR8.SI
    0.113+0.007+6.60%
    40E.SI
    0.169+0.010+6.29%
    S69.SI
    0.105+0.003+2.94%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.12-0.02-11.11%
    P07.SI
    0.33-0.02-7.04%
    D03.SI
    0.123-0.005-3.91%
    5G2.SI
    0.655-0.040-5.76%
    TI6.SI
    0.099-0.006-5.71%
    A18.SI