Singapore Markets closed

Commodity Technical Analysis: Gold Nears Measured Objective

Jamie Saettele, CMT

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

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.