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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.141+0.003+2.17%
    N21.SI
    3.99+0.03+0.76%
    Z74.SI
    0.155+0.003+1.97%
    AFC.SI
    0.740.000.00%
    BS6.SI
    0.275+0.010+3.77%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.133+0.020+17.70%
    5PF.SI
    0.19+0.03+15.85%
    AWI.SI
    1.48+0.16+12.12%
    S91.SI
    0.198+0.020+11.24%
    M14.SI
    0.60+0.05+9.09%
    AZA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.110-30.14%
    AZT.SI
    0.56-0.18-24.32%
    5VJ.SI
    0.395-0.070-15.05%
    K1Q.SI
    0.162-0.028-14.74%
    BGO.SI
    0.122-0.020-14.08%
    569.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3595-0.0007-0.05%
    USDSGD=X
    1.5255-0.0048-0.31%
    EURSGD=X
    1.7698+0.007+0.40%
    GBPSGD=X
    73.7870+0.063+0.09%
    SGDJPY=X
    5.7018+0.0025+0.04%
    SGDHKD=X
    3.0391+0.0049+0.16%
    SGDMYR=X
    9,528.7822-50.04-0.52%
    SGDIDR=X
    4.9048+0.003+0.06%
    SGDCNY=X
    1.0416+0.003+0.29%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,330.90-13.20-0.98%
    GCZ16.CMX
    19.17-0.42-2.15%
    SIZ16.CMX
    93.08-1.37-1.45%
    ^XAU
    2.17-0.03-1.16%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.01
    ^FVX
    1.56-0.03
    ^TNX
    2.29-0.04
    ^TYX