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
    1.3829+0.0027+0.19%
    USDSGD=X
    1.5358+0.0016+0.11%
    EURSGD=X
    2.0227+0.0065+0.32%
    GBPSGD=X
    80.3615+0.3767+0.47%
    SGDJPY=X
    5.6169-0.0103-0.18%
    SGDHKD=X
    2.9747+0.0102+0.35%
    SGDMYR=X
    9,859.0029+19.4844+0.20%
    SGDIDR=X
    4.7658+0.0086+0.18%
    SGDCNY=X
    0.9899-0.0008-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,205.10-17.60-1.44%
    GCQ16.CMX
    15.98-0.37-2.25%
    SIN16.CMX
    79.41-2.71-3.31%
    ^XAU
    2.100.00-0.05%
    HGN16.CMX
    49.28-0.20-0.40%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.39+0.04
    ^FVX
    1.85+0.03
    ^TNX
    2.65+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.300.00-1.64%
    N21.SI
    0.142+0.004+2.90%
    5DM.SI
    0.76+0.02+3.40%
    G13.SI
    0.79+0.05+6.76%
    5HJ.SI
    3.91-0.02-0.51%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.525+0.070+15.38%
    BJE.SI
    1.30+0.12+10.64%
    BDV.SI
    0.88+0.08+10.00%
    G41.SI
    0.355+0.020+5.97%
    F03.SI
    0.27+0.02+8.00%
    BDU.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.145-0.015-9.38%
    M14.SI
    0.35-0.03-9.09%
    42E.SI
    0.181-0.017-8.59%
    BDN.SI
    0.26-0.02-7.14%
    5SY.SI
    0.335-0.025-6.94%
    BFU.SI