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
    1.3278+0.0006+0.04%
    USDSGD=X
    1.4441-0.0006-0.04%
    EURSGD=X
    2.0217+0.0005+0.02%
    GBPSGD=X
    89.7074-0.02-0.02%
    SGDJPY=X
    5.8372-0.0022-0.04%
    SGDHKD=X
    2.6733+0.0026+0.10%
    SGDMYR=X
    9,762.7500+6.084+0.06%
    SGDIDR=X
    4.6841-0.0017-0.04%
    SGDCNY=X
    1.0439+0.0019+0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.10-4.10-0.34%
    GCM15.CMX
    16.31-0.08-0.51%
    SIK15.CMX
    71.68+1.72+2.46%
    ^XAU
    2.770.00+0.02%
    HGK15.CMX
    56.67-0.32-0.56%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.02
    ^FVX
    1.92+0.01
    ^TNX
    2.61-0.01
    ^TYX

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