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
    1.2559+0.0005+0.04%
    USDSGD=X
    1.7359+0.0011+0.07%
    EURSGD=X
    2.1081+0.0015+0.07%
    GBPSGD=X
    81.5419-0.132-0.16%
    SGDJPY=X
    6.1732-0.0025-0.04%
    SGDHKD=X
    2.5984-0.0027-0.10%
    SGDMYR=X
    9,259.9229-39.7617-0.43%
    SGDIDR=X
    4.9723+0.0036+0.07%
    SGDCNY=X
    1.1668+0.0009+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.30+1.70+0.13%
    GCM14.CMX
    19.44+0.01+0.04%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.060.00+0.15%
    HGK14.CMX
    101.67+0.23+0.23%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.149+0.007+4.93%
    545.SI
    0.121-0.001-0.82%
    B22.SI
    0.149+0.005+3.47%
    C68.SI
    1.355+0.005+0.37%
    G13.SI
    0.635+0.040+6.72%
    5WH.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.012+7.59%
    5PF.SI
    0.15+0.010+7.14%
    5GD.SI
    0.635+0.040+6.72%
    5WH.SI
    1.09+0.065+6.34%
    S53.SI
    0.47+0.020+4.44%
    5OU.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.052-0.060-53.57%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.123-0.008-6.11%
    S71.SI
    0.2750.0000.00%
    5TN.SI
    0.24-0.010-4.00%
    L6T.SI