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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.166-0.001-0.60%
    N21.SI
    0.155+0.003+1.97%
    AFC.SI
    0.189-0.006-3.08%
    SK3.SI
    0.43-0.01-2.27%
    E5H.SI
    0.37-0.01-2.63%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.285+0.035+14.00%
    AYV.SI
    0.41+0.03+9.33%
    BJV.SI
    0.235+0.020+9.30%
    40D.SI
    0.30+0.02+7.14%
    5PC.SI
    0.225+0.015+7.14%
    I07.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.095-27.94%
    I06.SI
    0.08-0.03-24.53%
    AWO.SI
    0.18-0.02-9.55%
    AZT.SI
    0.199-0.021-9.55%
    G10.SI
    0.112-0.011-8.94%
    5AM.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4180-0.0002-0.01%
    USDSGD=X
    1.5225-0.0035-0.23%
    EURSGD=X
    1.8104+0.0054+0.30%
    GBPSGD=X
    80.3030+0.111+0.14%
    SGDJPY=X
    5.4672+0.0027+0.05%
    SGDHKD=X
    3.1264-0.0085-0.27%
    SGDMYR=X
    9,464.1387-34.6553-0.36%
    SGDIDR=X
    4.8493-0.0004-0.01%
    SGDCNY=X
    1.0574-0.0022-0.21%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,171.30-2.70-0.23%
    GCZ16.CMX
    16.76-0.06-0.35%
    SIZ16.CMX
    82.79
    ^XAU
    2.66-0.03-1.12%
    HGZ16.CMX
    50.63-1.16-2.24%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.84
    ^FVX
    2.39
    ^TNX
    3.07
    ^TYX