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
    1.3561+0.0035+0.26%
    USDSGD=X
    1.5591+0.0038+0.25%
    EURSGD=X
    1.9671+0.0012+0.06%
    GBPSGD=X
    78.6116-0.5537-0.70%
    SGDJPY=X
    5.7235-0.0158-0.28%
    SGDHKD=X
    2.9567+0.0089+0.30%
    SGDMYR=X
    9,810.8281+1.5781+0.02%
    SGDIDR=X
    4.7949-0.0049-0.10%
    SGDCNY=X
    1.0151+0.0028+0.28%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,279.30-12.50-0.97%
    GCM16.CMX
    17.26-0.24-1.37%
    SIN16.CMX
    87.23-3.50-3.86%
    ^XAU
    2.20-0.02-0.90%
    HGN16.CMX
    43.84+0.19+0.44%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.26-0.06
    ^FVX
    1.80-0.07
    ^TNX
    2.66-0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.425-0.005-1.16%
    N21.SI
    0.785-0.020-2.48%
    G13.SI
    3.76-0.07-1.83%
    Z74.SI
    0.385-0.005-1.28%
    E5H.SI
    0.730.000.00%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.48+0.08+20.00%
    BFK.SI
    0.194+0.019+10.86%
    D79.SI
    0.28+0.03+9.80%
    BHO.SI
    0.185+0.015+8.82%
    AYL.SI
    0.50+0.04+8.70%
    BQP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.088-0.082-48.24%
    P74.SI
    0.30-0.09-23.08%
    Y06.SI
    0.125-0.027-17.76%
    5MQ.SI
    0.21-0.05-17.65%
    Y35.SI
    0.31-0.04-11.43%
    AWK.SI