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
    1.3792-0.0022-0.16%
    USDSGD=X
    1.5385-0.0004-0.03%
    EURSGD=X
    2.0259+0.0057+0.28%
    GBPSGD=X
    79.9426+0.335+0.42%
    SGDJPY=X
    5.6311+0.0074+0.13%
    SGDHKD=X
    2.9743+0.0017+0.06%
    SGDMYR=X
    9,880.5850+4.7324+0.05%
    SGDIDR=X
    4.7516+0.0063+0.13%
    SGDCNY=X
    0.9913-0.0014-0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,223.10-6.10-0.50%
    GCM16.CMX
    16.32+0.06+0.38%
    SIN16.CMX
    81.32+1.17+1.46%
    ^XAU
    2.10+0.04+1.79%
    HGN16.CMX
    48.91+0.29+0.60%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.41+0.01
    ^FVX
    1.860.00
    ^TNX
    2.650.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3050.0000.00%
    N21.SI
    0.114+0.006+5.56%
    40E.SI
    0.715+0.005+0.70%
    G13.SI
    1.785+0.015+0.85%
    MC0.SI
    3.82+0.01+0.26%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.40+0.04+11.11%
    567.SI
    0.65+0.05+9.24%
    5TG.SI
    0.475+0.040+9.20%
    A26.SI
    0.39+0.03+8.33%
    42E.SI
    0.123+0.009+7.89%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.86-0.18-17.31%
    AWM.SI
    0.139-0.026-15.76%
    5WD.SI
    0.25-0.04-15.25%
    I06.SI
    0.29-0.03-9.38%
    BLU.SI
    0.80-0.07-8.05%
    BCX.SI