Commodity Technical Analysis: Gold Surges into Fibonacci Resistance

Daily Bars

Commodity_Technical_Analysis_Gold_Surges_into_Fibonacci_Resistance_body_gold.png, Commodity Technical Analysis: Gold Surges into Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Gold retraced all of Friday’s losses but reversed at the 38.2% retracement of the decline from the top. 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 several days of sideways trade to correct today’s rally.

LEVELS: 1685 1691 1702 1727 1749 1775

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3605+0.0017+0.12%
    USDSGD=X
    1.5516+0.0021+0.14%
    EURSGD=X
    1.9717+0.0038+0.19%
    GBPSGD=X
    78.7239-0.2281-0.29%
    SGDJPY=X
    5.7049-0.0073-0.13%
    SGDHKD=X
    2.9518-0.0018-0.06%
    SGDMYR=X
    9,816.2803-10.4121-0.11%
    SGDIDR=X
    4.7819-0.0057-0.12%
    SGDCNY=X
    1.0093-0.005-0.50%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,278.50+6.20+0.49%
    GCM16.CMX
    17.37+0.04+0.25%
    SIN16.CMX
    85.15+1.88+2.26%
    ^XAU
    2.150.00-0.05%
    HGN16.CMX
    44.17-0.15-0.34%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.21-0.03
    ^FVX
    1.75-0.04
    ^TNX
    2.61-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225+0.025+12.50%
    AFC.SI
    0.42-0.01-1.18%
    N21.SI
    3.80+0.02+0.53%
    Z74.SI
    0.58-0.01-1.69%
    5HJ.SI
    0.385+0.005+1.32%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.490.000.00%
    42R.SI
    0.225+0.025+12.50%
    AFC.SI
    0.42-0.01-1.18%
    42W.SI
    1.25+0.01+0.81%
    D1R.SI
    0.450.00+1.12%
    5UX.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.50-0.04-7.41%
    M05.SI
    0.21-0.02-6.67%
    5RE.SI
    0.785+0.006+0.77%
    ACV.SI
    6.75+0.02+0.30%
    D01.SI
    0.51-0.01-2.86%
    5ME.SI