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
    1.2573-0.0008-0.07%
    USDSGD=X
    1.7397-0.0004-0.03%
    EURSGD=X
    2.1141+0.0003+0.01%
    GBPSGD=X
    81.3045+0.0124+0.02%
    SGDJPY=X
    6.1668+0.0042+0.07%
    SGDHKD=X
    2.6009+0.0025+0.10%
    SGDMYR=X
    9,232.6309-23.3955-0.25%
    SGDIDR=X
    4.9749+0.008+0.16%
    SGDCNY=X
    1.1663+0.001+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.50+2.90+0.22%
    GCM14.CMX
    19.57-0.12-0.62%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.11-0.01-0.29%
    HGK14.CMX
    101.35-0.59-0.58%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    0.119-0.004-3.25%
    B22.SI
    1.16+0.010+0.87%
    U6C.SI
    1.275+0.060+4.94%
    S53.SI
    1.335-0.020-1.48%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.020+10.53%
    F86.SI
    0.22+0.020+10.00%
    E94.SI
    0.167+0.015+9.87%
    5HH.SI
    0.116+0.010+9.43%
    O2I.SI
    1.315+0.084+6.82%
    O9A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.145-0.009-5.84%
    5GD.SI
    0.15-0.009-5.66%
    5EL.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.015-4.76%
    K29.SI
    1.05-0.050-4.55%
    T14.SI