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
    1.3912-0.0003-0.02%
    USDSGD=X
    1.5695-0.0001-0.01%
    EURSGD=X
    2.02270.000.00%
    GBPSGD=X
    81.4777-0.0609-0.07%
    SGDJPY=X
    5.6011+0.0003+0.01%
    SGDHKD=X
    2.9611-0.0035-0.12%
    SGDMYR=X
    9,664.0410+2.1523+0.02%
    SGDIDR=X
    4.7253+0.0024+0.05%
    SGDCNY=X
    0.9905+0.003+0.30%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,206.40+11.80+0.99%
    GCJ16.CMX
    15.35+0.06+0.41%
    SIH16.CMX
    55.40+1.06+1.94%
    ^XAU
    2.02-0.01-0.39%
    HGH16.CMX
    27.35-0.10-0.36%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15-0.01
    ^FVX
    1.70-0.02
    ^TNX
    2.53-0.03
    ^TYX

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