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
    1.3416+0.0044+0.33%
    USDSGD=X
    1.4730+0.0051+0.35%
    EURSGD=X
    2.0761+0.0072+0.35%
    GBPSGD=X
    90.6890-0.2061-0.23%
    SGDJPY=X
    5.7777-0.0195-0.34%
    SGDHKD=X
    2.6848-0.0089-0.33%
    SGDMYR=X
    9,830.4697-5.0166-0.05%
    SGDIDR=X
    4.6417+0.0065+0.14%
    SGDCNY=X
    1.0496+0.0048+0.46%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,204.00+1.30+0.11%
    GCM15.CMX
    17.03-0.04-0.21%
    SIM15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.81-0.04-1.39%
    HGN15.CMX
    61.30-0.70-1.13%
    CLZ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.345+0.050+16.95%
    AFC.SI
    0.146+0.011+8.15%
    5MM.SI
    0.290.000.00%
    5WA.SI
    0.129+0.003+2.38%
    E13.SI
    0.138+0.005+3.76%
    5G9.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.345+0.050+16.95%
    AFC.SI
    0.62+0.06+10.71%
    AXK.SI
    0.235+0.020+9.30%
    5CF.SI
    0.146+0.011+8.15%
    5MM.SI
    0.16+0.01+7.38%
    T08.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.21-0.06-22.22%
    AVX.SI
    0.505-0.090-15.13%
    AXA.SI
    0.25-0.04-13.79%
    E94.SI
    0.34-0.05-12.82%
    UV1.SI
    0.805-0.100-11.05%
    NC9.SI