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
    0.16+0.01+5.96%
    N21.SI
    0.112+0.003+2.75%
    40E.SI
    0.285+0.010+3.64%
    5ME.SI
    0.13+0.01+6.56%
    A50.SI
    0.107+0.002+1.90%
    40F.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.13+0.02+16.07%
    BEH.SI
    0.119+0.015+14.42%
    A7S.SI
    0.34+0.04+13.33%
    AYV.SI
    0.395+0.045+12.86%
    BQF.SI
    0.182+0.020+12.35%
    BGO.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.154-0.013-7.78%
    5WJ.SI
    0.16-0.01-5.88%
    5G1.SI
    0.185-0.011-5.61%
    B7K.SI
    0.100.00-4.76%
    42D.SI
    0.142-0.007-4.70%
    5AM.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3630+0.0041+0.30%
    USDSGD=X
    1.5309+0.007+0.46%
    EURSGD=X
    1.7672-0.0011-0.06%
    GBPSGD=X
    74.4900+0.378+0.51%
    SGDJPY=X
    5.6875-0.0166-0.29%
    SGDHKD=X
    3.0245-0.0071-0.23%
    SGDMYR=X
    9,549.0332-12.5693-0.13%
    SGDIDR=X
    4.8879-0.0223-0.45%
    SGDCNY=X
    1.0442-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,321.10-2.60-0.20%
    GCZ16.CMX
    19.120.00-0.01%
    SIZ16.CMX
    93.81-1.86-1.95%
    ^XAU
    2.190.00+0.16%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15+0.02
    ^FVX
    1.59+0.02
    ^TNX
    2.31+0.02
    ^TYX