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
    1.3512-0.0006-0.05%
    USDSGD=X
    1.4891+0.0049+0.33%
    EURSGD=X
    2.1014-0.0004-0.02%
    GBPSGD=X
    90.6540+0.4076+0.45%
    SGDJPY=X
    5.7378+0.0027+0.05%
    SGDHKD=X
    2.8037+0.0013+0.05%
    SGDMYR=X
    9,872.9619-16.0811-0.16%
    SGDIDR=X
    4.6325+0.0412+0.90%
    SGDCNY=X
    1.0144+0.0036+0.36%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,170.50+7.00+0.60%
    GCQ15.CMX
    15.69+0.07+0.43%
    SIZ15.CMX
    62.65+1.28+2.08%
    ^XAU
    2.60-0.03-1.18%
    HGU15.CMX
    55.03-1.90-3.34%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65-0.06
    ^FVX
    2.39-0.02
    ^TNX
    3.190.00
    ^TYX

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