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
    1.3447-0.0001-0.01%
    USDSGD=X
    1.5396+0.0128+0.84%
    EURSGD=X
    1.9652+0.0012+0.06%
    GBPSGD=X
    79.1864-1.1944-1.49%
    SGDJPY=X
    5.76840.000.00%
    SGDHKD=X
    2.9113+0.0233+0.81%
    SGDMYR=X
    9,814.6826+3.1748+0.03%
    SGDIDR=X
    4.8139-0.0012-0.03%
    SGDCNY=X
    1.0236-0.0026-0.25%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,295.80+29.40+2.32%
    GCM16.CMX
    17.89+0.30+1.72%
    SIN16.CMX
    92.73+5.83+6.71%
    ^XAU
    2.28+0.05+2.20%
    HGN16.CMX
    45.99-0.04-0.09%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.28-0.02
    ^FVX
    1.82-0.02
    ^TNX
    2.67-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.745-0.015-1.97%
    Y92.SI
    0.096-0.007-6.80%
    5WH.SI
    0.460.00+1.10%
    N21.SI
    0.815-0.015-1.81%
    G13.SI
    0.131-0.001-0.76%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.151+0.025+19.84%
    574.SI
    0.345+0.055+18.97%
    BDF.SI
    0.35+0.06+18.64%
    AWK.SI
    0.245+0.030+13.95%
    K22.SI
    0.125+0.015+13.64%
    AZG.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.48-0.13-21.31%
    BQP.SI
    0.103-0.017-14.17%
    C04.SI
    0.285-0.045-13.64%
    B49.SI
    0.535-0.055-9.32%
    BEI.SI
    0.25-0.02-7.41%
    PA3.SI