Commodity Technical Analysis: Gold Probably Faces Resistance at 1727

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Probably Faces Resistance at 1727

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Friday’s JS Spike right at mentioned support (1685) will probably propel gold to at least the 61.8% retracement of the decline from the 11/12 high at 1727. There is trendline resistance to keep an eye on as well.

Commodity Trading Strategy: Look to short strength from 1727 to 1738 with a 1754 stop.

LEVELS: 1673 1683 1704 1727 1738 1754

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3512+0.0001+0.01%
    USDSGD=X
    1.4727-0.0001-0.01%
    EURSGD=X
    2.0744+0.0002+0.01%
    GBPSGD=X
    91.5594-0.0175-0.02%
    SGDJPY=X
    5.7419-0.0004-0.01%
    SGDHKD=X
    2.6965-0.0003-0.01%
    SGDMYR=X
    9,750.9805-1.0762-0.01%
    SGDIDR=X
    4.5892-0.00020.00%
    SGDCNY=X
    1.0442-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,187.50+1.90+0.16%
    GCM15.CMX
    16.68+0.03+0.20%
    SIN15.CMX
    68.76+0.07+0.10%
    ^XAU
    2.77-0.01-0.34%
    HGN15.CMX
    57.65-0.38-0.65%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.53+0.01
    ^FVX
    2.130.00
    ^TNX
    2.88-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.71+0.01+1.43%
    Q1P.SI
    0.805-0.020-2.42%
    N21.SI
    0.290.000.00%
    5WA.SI
    0.34+0.01+3.03%
    AFC.SI
    0.20+0.01+3.63%
    5OU.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.25+0.24+23.15%
    AYO.SI
    0.189+0.031+19.62%
    GJ8.SI
    0.30+0.05+17.65%
    AYE.SI
    0.149+0.014+10.37%
    L10.SI
    0.16+0.02+10.34%
    5GI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.19-0.06-24.00%
    41H.SI
    1.48-0.30-16.85%
    AYB.SI
    1.32-0.21-13.73%
    AYN.SI
    0.12-0.02-13.04%
    5IF.SI
    0.375-0.040-9.64%
    AWK.SI