Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Daily Bars

Commodity_Technical_Analysis_Gold_Enters_Day_4_of_Tight_Consolidation_body_gold.png, Commodity Technical Analysis: Gold Enters Day 4 of Tight Consolidation

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold has traded sideways the last 4 days after rallying for 4 days from a multi month low. The 61.8% retracement at 1749 remains of interest. 1780 can’t be ruled out either. The low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggests that price is likely to stay above 1672.50 for the remainder of November.

Commodity Trading Strategy: I’m on the lookout for a wave 2 or B top below the October high at higher levels.

LEVELS: 1685 1698 1713 1749 1762 1780

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3331+0.0006+0.04%
    USDSGD=X
    1.4441-0.0034-0.23%
    EURSGD=X
    2.0189-0.0039-0.19%
    GBPSGD=X
    89.4193+0.1997+0.22%
    SGDJPY=X
    5.8147-0.0015-0.03%
    SGDHKD=X
    2.6766-0.0055-0.21%
    SGDMYR=X
    9,749.1270+30.5508+0.31%
    SGDIDR=X
    4.6681+0.0189+0.41%
    SGDCNY=X
    1.0414-0.0007-0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,181.30+6.30+0.54%
    GCM15.CMX
    15.79+0.15+0.98%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.76+0.02+0.56%
    HGK15.CMX
    57.09-0.06-0.10%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2250.0000.00%
    5GB.SI
    0.290.00-1.69%
    5WA.SI
    0.85+0.01+1.19%
    N21.SI
    0.425-0.005-1.16%
    E5H.SI
    0.405+0.015+3.85%
    5EN.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.184+0.031+20.26%
    W12.SI
    0.225+0.025+12.50%
    D38.SI
    0.12+0.01+11.11%
    E6R.SI
    0.26+0.02+10.64%
    D79.SI
    0.415+0.030+7.79%
    TI6.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.113-0.046-28.93%
    5IF.SI
    0.50-0.07-12.28%
    D11.SI
    0.144-0.018-11.11%
    T19.SI
    0.108-0.013-10.74%
    5PO.SI
    0.198-0.022-10.00%
    AFC.SI