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
    1.33630.000.00%
    USDSGD=X
    1.47170.000.00%
    EURSGD=X
    2.07010.000.00%
    GBPSGD=X
    90.94560.000.00%
    SGDJPY=X
    5.80070.000.00%
    SGDHKD=X
    2.69540.000.00%
    SGDMYR=X
    9,841.76950.000.00%
    SGDIDR=X
    4.63810.000.00%
    SGDCNY=X
    1.04540.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,205.40+1.30+0.11%
    GCM15.CMX
    17.08-0.04-0.21%
    SIM15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.81-0.04-1.39%
    HGN15.CMX
    61.51-0.70-1.13%
    CLZ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.295+0.070+31.11%
    AFC.SI
    0.290.000.00%
    5WA.SI
    0.180.00+2.27%
    5OU.SI
    0.215+0.005+2.38%
    5GB.SI
    0.830.000.00%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.35+0.35+35.00%
    AYN.SI
    0.295+0.070+31.11%
    AFC.SI
    0.27+0.06+28.57%
    AVX.SI
    0.135+0.016+13.45%
    5IF.SI
    0.62+0.06+11.71%
    AWV.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.18-0.02-10.00%
    PH0.SI
    0.15-0.02-9.09%
    5IA.SI
    0.21-0.02-8.70%
    5G1.SI
    0.20-0.02-6.98%
    B1N.SI
    0.765-0.055-6.71%
    533.SI