Commodity Technical Analysis: Gold Nears Measured Objective

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Nears Measured Objective

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Last week’s breakdown confirms the bearish suspicions. Continue to look lower from the current levels towards a Fibonacci confluence, former resistance, and channel support that cluster near 1630.

Commodity Trading Strategy: The most bearish count is valid against 1703. Shorts against that level remain warranted.

LEVELS: 1560 1600 1641 1676 1686 1703

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3535+0.0001+0.01%
    USDSGD=X
    1.5001+0.0046+0.31%
    EURSGD=X
    1.7783-0.0084-0.47%
    GBPSGD=X
    77.4790-0.304-0.39%
    SGDJPY=X
    5.7297+0.0003+0.01%
    SGDHKD=X
    2.9913-0.0215-0.71%
    SGDMYR=X
    9,683.2568-31.9629-0.33%
    SGDIDR=X
    4.9164-0.0109-0.22%
    SGDCNY=X
    1.0156+0.0023+0.23%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,340.60+6.10+0.46%
    GCZ16.CMX
    20.22+0.22+1.10%
    SIU16.CMX
    106.13-1.46-1.36%
    ^XAU
    2.21+0.03+1.21%
    HGU16.CMX
    41.34-0.58-1.38%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.100.00
    ^FVX
    1.510.00
    ^TNX
    2.230.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.36-0.01-4.00%
    E5H.SI
    0.51+0.02+5.15%
    5TP.SI
    0.315-0.030-8.70%
    5ME.SI
    0.166-0.003-1.78%
    N21.SI
    4.29-0.02-0.46%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.064+33.51%
    AZT.SI
    0.29+0.03+9.43%
    S71.SI
    0.235+0.020+9.30%
    S46.SI
    0.195+0.016+8.94%
    P36.SI
    0.955+0.075+8.52%
    5HJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.093-0.037-28.46%
    42D.SI
    0.215-0.065-23.21%
    BQN.SI
    0.103-0.030-22.56%
    BEZ.SI
    0.26-0.06-18.75%
    5UL.SI
    0.295-0.040-11.94%
    BBP.SI