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
    1.4160+0.0003+0.02%
    USDSGD=X
    1.5913+0.0022+0.14%
    EURSGD=X
    2.1602-0.0062-0.29%
    GBPSGD=X
    84.9299-0.0851-0.10%
    SGDJPY=X
    5.4731-0.0011-0.02%
    SGDHKD=X
    2.9865+0.0086+0.29%
    SGDMYR=X
    10,020.8369+4.874+0.05%
    SGDIDR=X
    4.4890-0.0006-0.01%
    SGDCNY=X
    0.9931-0.0036-0.36%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,132.00-1.60-0.14%
    GCZ15.CMX
    14.70+0.03+0.22%
    SIZ15.CMX
    46.23-0.58-1.23%
    ^XAU
    2.37+0.04+1.85%
    HGZ15.CMX
    46.04-0.21-0.45%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.52+0.02
    ^FVX
    2.19+0.02
    ^TNX
    2.96+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.310.000.00%
    5WA.SI
    0.1320.0000.00%
    5DN.SI
    0.127+0.009+7.63%
    5GJ.SI
    3.70+0.03+0.82%
    Z74.SI
    0.705-0.010-1.40%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.215+0.057+36.08%
    L02.SI
    0.59+0.08+15.69%
    UD3.SI
    0.19+0.02+11.76%
    5G1.SI
    0.195+0.019+10.80%
    KJ5.SI
    0.184+0.014+8.24%
    K14.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.125-0.015-10.71%
    TI6.SI
    0.117-0.018-13.33%
    510.SI
    0.43-0.06-11.34%
    MN5.SI
    0.152-0.018-10.59%
    DU4.SI
    0.67-0.07-9.46%
    AXV.SI