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
    1.3646+0.0011+0.08%
    USDSGD=X
    1.5099+0.0016+0.10%
    EURSGD=X
    2.1331+0.0042+0.20%
    GBPSGD=X
    90.5733-0.0827-0.09%
    SGDJPY=X
    5.6798-0.0052-0.09%
    SGDHKD=X
    2.7965+0.0056+0.20%
    SGDMYR=X
    9,861.1436+11.126+0.11%
    SGDIDR=X
    4.5487-0.0055-0.12%
    SGDCNY=X
    0.9990-0.0024-0.24%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,096.70+0.40+0.04%
    GCV15.CMX
    14.60-0.03-0.19%
    SIQ15.CMX
    47.47+0.81+1.73%
    ^XAU
    2.43+0.01+0.33%
    HGG16.CMX
    47.65-0.33-0.69%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.59+0.01
    ^FVX
    2.25+0.02
    ^TNX
    2.96+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3150.0000.00%
    5WA.SI
    0.136-0.005-3.55%
    5DN.SI
    0.88+0.05+6.02%
    5ME.SI
    0.325-0.015-4.41%
    E5H.SI
    0.37+0.04+12.12%
    Y35.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.134+0.018+15.52%
    40F.SI
    0.36+0.06+18.03%
    UD2.SI
    0.50+0.06+12.36%
    BAZ.SI
    0.37+0.04+12.12%
    Y35.SI
    1.12+0.12+12.00%
    AXL.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.95-0.03-3.06%
    AWG.SI
    0.23-0.05-17.86%
    AWS.SI
    0.24-0.05-17.24%
    E94.SI
    0.190.000.00%
    F9M.SI
    0.1050.0000.00%
    O05.SI