Commodity Technical Analysis: Gold Holding Fibonacci Level is Constructive

Weekly Bars

Commodity_Technical_Analysis_Gold_Holding_Fibonacci_Level_is_Constructive_body_gold.png, Commodity Technical Analysis: Gold Holding Fibonacci Level is Constructive

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Gold is holding HUGE support. The level in question is defined by the 61.8% retracement of the rally from the 2011 low (lowest level of the move from the record high) and former resistance (top of congestion from June to August 2012). The response at the level has been impressive. By the same token, a break of this well-defined support level could lead to a rush for the exits and extension of weakness.

Commodity Trading Strategy: Given the strong bounce from support, I’m inclined to look higher but weakness below Friday’s low negates anything bullish. Near term resistance is being tested now (1660).

LEVELS: 1585 1610 1626 1660 1670 1684

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2505-0.0027-0.21%
    USDSGD=X
    1.7299-0.0012-0.07%
    EURSGD=X
    2.1016+0.0056+0.27%
    GBPSGD=X
    81.7554+0.459+0.56%
    SGDJPY=X
    6.2013+0.0139+0.23%
    SGDHKD=X
    2.5927+0.004+0.15%
    SGDMYR=X
    9,163.1025+38.0928+0.42%
    SGDIDR=X
    4.9770+0.0123+0.25%
    SGDCNY=X
    1.1711-0.0019-0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,303.80+3.50+0.27%
    GCM14.CMX
    19.64+0.15+0.75%
    SIK14.CMX
    91.87
    ^XAU
    3.04+0.05+1.82%
    HGK14.CMX
    104.71+0.96+0.93%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.63
    ^FVX
    2.65
    ^TNX
    3.48
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.117-0.006-4.88%
    B22.SI
    1.275+0.020+1.59%
    N21.SI
    2.190.0000.00%
    JS8.SI
    0.605+0.015+2.54%
    E5H.SI
    0.97+0.060+6.59%
    B20.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.055+14.10%
    5UL.SI
    0.20+0.020+11.11%
    567.SI
    0.174+0.013+8.07%
    540.SI
    0.67+0.050+8.06%
    5VT.SI
    0.425+0.030+7.59%
    5FD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.096-0.011-10.28%
    S13.SI
    0.315-0.025-7.35%
    O08.SI
    0.139-0.010-6.71%
    5GB.SI
    0.30-0.020-6.25%
    502.SI
    0.132-0.008-5.71%
    5BM.SI