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
    1.2499-0.001-0.08%
    USDSGD=X
    1.7296+0.0014+0.08%
    EURSGD=X
    2.1037+0.0024+0.12%
    GBPSGD=X
    81.6299-0.1065-0.13%
    SGDJPY=X
    6.2039+0.0051+0.08%
    SGDHKD=X
    2.5902-0.0015-0.06%
    SGDMYR=X
    9,150.2598+7.2422+0.08%
    SGDIDR=X
    4.9780+0.005+0.10%
    SGDCNY=X
    1.1714-0.0006-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,302.30-1.20-0.09%
    GCM14.CMX
    19.59-0.04-0.20%
    SIK14.CMX
    90.83-1.04-1.14%
    ^XAU
    3.03+0.01+0.23%
    HGK14.CMX
    104.06+0.30+0.29%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65+0.04
    ^FVX
    2.64+0.01
    ^TNX
    3.45-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.116-0.001-0.85%
    B22.SI
    0.475+0.015+3.26%
    5GJ.SI
    2.28+0.100+4.59%
    5ME.SI
    0.1120.0000.00%
    A78.SI
    2.190.0000.00%
    JS8.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.42-0.005-1.18%
    5FD.SI
    0.151+0.003+2.03%
    O05.SI
    0.3350.0000.00%
    T06.SI
    0.34+0.005+1.49%
    BN2.SI
    1.405-0.005-0.35%
    U19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141+0.002+1.44%
    5GB.SI
    0.58-0.030-4.92%
    544.SI
    0.24+0.005+2.13%
    D79.SI
    0.255-0.015-5.56%
    5AM.SI
    0.275-0.005-1.79%
    M1Z.SI