Commodity Technical Analysis: Gold Support Expected Near 1700

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,938.15-17.37

Daily Bars

Commodity_Technical_Analysis_Gold_Support_Expected_Near_1700_body_gold.png, Commodity Technical Analysis: Gold Support Expected Near 1700

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Gold extended gains initially before failing just above the 11/1 and 10/23 highs. The rally from the 11/5 low is impulsive. “The sharp advance following a sharp decline does suggest that weakness was exhaustive and that a base is forming from which price can work higher.”

Commodity Trading Strategy Implications: Expect a dip into 1695-1702 before another rally.

LEVELS: 1685 1695 1702 1727 1749 1775

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3727-0.0008-0.06%
    USDSGD=X
    1.5372-0.0001-0.01%
    EURSGD=X
    2.0136-0.001-0.05%
    GBPSGD=X
    79.8785-0.0312-0.04%
    SGDJPY=X
    5.6578+0.0032+0.06%
    SGDHKD=X
    2.9588+0.0018+0.06%
    SGDMYR=X
    9,878.2705+7.8613+0.08%
    SGDIDR=X
    4.7762+0.0041+0.09%
    SGDCNY=X
    0.9928+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,222.50+2.10+0.17%
    GCM16.CMX
    16.38+0.03+0.20%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.100.000.00%
    HGN16.CMX
    49.37-0.11-0.22%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

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