Commodity Technical Analysis: Gold Support Expected Near 1700

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,745.05-46.89

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
    1.3438-0.0016-0.12%
    USDSGD=X
    1.5412-0.001-0.06%
    EURSGD=X
    1.9639+0.0006+0.03%
    GBPSGD=X
    79.2812+0.2601+0.33%
    SGDJPY=X
    5.7723+0.0063+0.11%
    SGDHKD=X
    2.9151+0.0063+0.22%
    SGDMYR=X
    9,807.6445-1.708-0.02%
    SGDIDR=X
    4.7753-0.0364-0.76%
    SGDCNY=X
    1.0230+0.0002+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.50+28.10+2.22%
    GCM16.CMX
    17.85+0.26+1.49%
    SIN16.CMX
    92.85+5.95+6.85%
    ^XAU
    2.27+0.04+1.93%
    HGN16.CMX
    45.61-0.42-0.91%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.28-0.02
    ^FVX
    1.82-0.02
    ^TNX
    2.67-0.03
    ^TYX

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