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
    1.3689-0.0002-0.01%
    USDSGD=X
    1.5032-0.0051-0.34%
    EURSGD=X
    2.1356+0.0067+0.32%
    GBPSGD=X
    90.5701-0.086-0.09%
    SGDJPY=X
    5.6625-0.0225-0.39%
    SGDHKD=X
    2.7858-0.0051-0.18%
    SGDMYR=X
    9,853.5508+3.5332+0.04%
    SGDIDR=X
    4.5347-0.0196-0.43%
    SGDCNY=X
    0.9996-0.0018-0.18%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,096.20-0.40-0.04%
    GCQ15.CMX
    14.78+0.14+0.94%
    SIU15.CMX
    48.37+0.90+1.91%
    ^XAU
    2.41+0.01+0.31%
    HGU15.CMX
    48.89+0.91+1.90%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.02
    ^FVX
    2.28+0.03
    ^TNX
    2.99+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3150.0000.00%
    5WA.SI
    0.136-0.005-3.55%
    5DN.SI
    0.325-0.015-4.41%
    E5H.SI
    0.88+0.05+6.02%
    5ME.SI
    0.37+0.04+12.12%
    Y35.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.36+0.06+18.03%
    UD2.SI
    0.134+0.018+15.52%
    40F.SI
    0.50+0.06+12.36%
    BAZ.SI
    0.37+0.04+12.12%
    Y35.SI
    1.12+0.12+12.00%
    AXL.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.23-0.05-17.86%
    AWS.SI
    0.24-0.05-17.24%
    E94.SI
    0.30-0.03-10.45%
    B49.SI
    0.127-0.012-8.63%
    5WH.SI
    0.14-0.01-7.89%
    583.SI