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
    0.23+0.01+2.22%
    N21.SI
    0.35-0.03-7.89%
    5ME.SI
    0.118+0.004+3.51%
    AAJ.SI
    0.425-0.005-1.16%
    E5H.SI
    2.42+0.02+0.83%
    C52.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.169+0.064+60.95%
    BRS.SI
    0.395+0.105+36.21%
    AVX.SI
    0.41+0.06+15.49%
    BLL.SI
    0.275+0.035+14.58%
    I06.SI
    0.161+0.020+14.18%
    5TI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.34-0.10-22.73%
    AYB.SI
    0.45-0.08-15.09%
    BLR.SI
    0.66-0.09-12.00%
    AWE.SI
    0.35-0.03-7.89%
    5ME.SI
    0.585-0.045-7.14%
    BEC.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4182+0.0007+0.05%
    USDSGD=X
    1.5052+0.0004+0.03%
    EURSGD=X
    1.7678+0.0125+0.71%
    GBPSGD=X
    79.7190+0.397+0.50%
    SGDJPY=X
    5.4696-0.0015-0.03%
    SGDHKD=X
    3.1423+0.0023+0.07%
    SGDMYR=X
    9,446.3721+12.5059+0.13%
    SGDIDR=X
    4.8467+0.0066+0.14%
    SGDCNY=X
    1.0901+0.0038+0.35%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,238.50-3.10-0.25%
    GCJ17.CMX
    18.04-0.03-0.19%
    SIH17.CMX
    92.56-1.90-2.01%
    ^XAU
    2.75+0.03+1.16%
    HGH17.CMX
    53.99+0.24+0.45%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.91-0.03
    ^FVX
    2.42-0.03
    ^TNX
    3.03-0.02
    ^TYX