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
    1.3401-0.002-0.15%
    USDSGD=X
    1.5457-0.0013-0.09%
    EURSGD=X
    1.9658-0.0024-0.12%
    GBPSGD=X
    79.2193-0.1014-0.13%
    SGDJPY=X
    5.7898+0.0083+0.14%
    SGDHKD=X
    2.9177-0.0019-0.06%
    SGDMYR=X
    9,804.9824+31.459+0.32%
    SGDIDR=X
    4.8318+0.0082+0.17%
    SGDCNY=X
    1.0281-0.0003-0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,297.80+2.00+0.15%
    GCM16.CMX
    17.74+0.06+0.33%
    SIN16.CMX
    90.73-2.12-2.28%
    ^XAU
    2.26-0.01-0.35%
    HGN16.CMX
    44.77-0.01-0.02%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.04
    ^FVX
    1.87+0.05
    ^TNX
    2.72+0.05
    ^TYX

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