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
    1.4080-0.0038-0.27%
    USDSGD=X
    1.5939+0.0114+0.72%
    EURSGD=X
    2.1652-0.0012-0.06%
    GBPSGD=X
    85.2737-0.602-0.70%
    SGDJPY=X
    5.5042+0.0146+0.27%
    SGDHKD=X
    2.9559-0.0098-0.33%
    SGDMYR=X
    10,005.3633+57.3555+0.58%
    SGDIDR=X
    4.5229+0.0065+0.14%
    SGDCNY=X
    1.0012-0.0026-0.26%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,142.50+10.00+0.88%
    GCZ15.CMX
    14.60+0.02+0.13%
    SIZ15.CMX
    48.43-0.40-0.81%
    ^XAU
    2.32-0.02-0.86%
    HGZ15.CMX
    47.75-1.45-2.95%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54+0.02
    ^FVX
    2.20+0.01
    ^TNX
    2.93+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.136+0.006+4.62%
    5DN.SI
    0.315+0.005+1.61%
    5WA.SI
    0.540.00-0.92%
    N21.SI
    0.73+0.01+1.39%
    5ME.SI
    3.740.000.00%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.02+10.64%
    L38.SI
    0.22+0.02+10.00%
    AZR.SI
    0.22+0.02+10.00%
    GG7.SI
    0.80+0.06+8.11%
    AVZ.SI
    0.795+0.055+7.43%
    41E.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.045-18.00%
    5NF.SI
    0.158-0.033-17.28%
    L02.SI
    0.485-0.080-14.16%
    L5I.SI
    0.16-0.02-11.11%
    M9F.SI
    0.18-0.02-10.00%
    5WR.SI