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
    1.3804+0.0069+0.50%
    USDSGD=X
    1.5340-0.0033-0.21%
    EURSGD=X
    2.0165+0.002+0.10%
    GBPSGD=X
    79.9205+0.0107+0.01%
    SGDJPY=X
    5.6258-0.0289-0.51%
    SGDHKD=X
    2.9621+0.0052+0.17%
    SGDMYR=X
    9,873.3369+2.9277+0.03%
    SGDIDR=X
    4.7549-0.0172-0.36%
    SGDCNY=X
    0.9905-0.0018-0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,213.80-8.90-0.73%
    GCQ16.CMX
    16.23-0.12-0.72%
    SIN16.CMX
    79.44-2.69-3.27%
    ^XAU
    2.11+0.01+0.40%
    HGN16.CMX
    49.21-0.27-0.55%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.04
    ^FVX
    1.85+0.03
    ^TNX
    2.65+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.305-0.005-1.61%
    N21.SI
    0.895+0.010+1.13%
    Y92.SI
    0.735+0.025+3.52%
    G13.SI
    3.93+0.07+1.81%
    Z74.SI
    1.0050.0000.00%
    C22.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.255+0.025+10.87%
    PA3.SI
    0.275+0.025+10.00%
    K29.SI
    0.335+0.030+9.84%
    F03.SI
    0.62+0.05+7.83%
    BMA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.405-0.120-22.86%
    AWE.SI
    0.22-0.04-15.38%
    BKZ.SI
    0.55-0.10-15.38%
    N0Z.SI
    0.455-0.075-14.15%
    BJE.SI
    0.145-0.019-11.59%
    5G1.SI