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
    1.3749-0.0015-0.11%
    USDSGD=X
    1.4740-0.0159-1.07%
    EURSGD=X
    2.0310-0.0066-0.33%
    GBPSGD=X
    87.3207+0.0313+0.04%
    SGDJPY=X
    5.6408+0.0066+0.12%
    SGDHKD=X
    2.6920-0.006-0.22%
    SGDMYR=X
    9,506.3203-10.1768-0.11%
    SGDIDR=X
    4.5102-0.0011-0.03%
    SGDCNY=X
    1.0456-0.0076-0.72%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,178.90-5.90-0.50%
    GCJ15.CMX
    16.50-0.17-1.01%
    SIK15.CMX
    66.52-1.21-1.78%
    ^XAU
    2.74-0.04-1.55%
    HGK15.CMX
    47.57-1.11-2.28%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.420.00
    ^FVX
    1.96+0.01
    ^TNX
    2.56+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.172+0.002+1.18%
    5GB.SI
    0.131-0.003-2.24%
    E13.SI
    0.183+0.016+9.58%
    A50.SI
    0.425-0.010-2.30%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.148+0.018+13.85%
    L10.SI
    0.155+0.018+13.14%
    K14.SI
    0.139+0.016+13.01%
    P36.SI
    0.169+0.019+12.67%
    5PI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.03-23.61%
    5GF.SI
    0.22-0.03-12.00%
    O08.SI
    0.22-0.03-10.20%
    5WJ.SI
    0.116-0.013-10.08%
    V69.SI
    0.29-0.03-9.38%
    40U.SI