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
    1.3621-0.0109-0.79%
    USDSGD=X
    1.4689-0.0058-0.40%
    EURSGD=X
    2.0200-0.0156-0.77%
    GBPSGD=X
    87.7759+0.3073+0.35%
    SGDJPY=X
    5.6917+0.0453+0.80%
    SGDHKD=X
    2.7032+0.0051+0.19%
    SGDMYR=X
    9,540.0693+24.0547+0.25%
    SGDIDR=X
    4.5527+0.0371+0.82%
    SGDCNY=X
    1.0376-0.0078-0.74%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,206.00+22.80+1.93%
    GCM15.CMX
    16.92+0.33+1.97%
    SIK15.CMX
    68.42+2.92+4.46%
    ^XAU
    2.75+0.01+0.22%
    HGK15.CMX
    49.60+2.00+4.20%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.06
    ^FVX
    1.86-0.08
    ^TNX
    2.46-0.08
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.188+0.005+2.73%
    A50.SI
    0.2850.0000.00%
    5WA.SI
    0.915-0.005-0.54%
    N21.SI
    0.785+0.020+2.61%
    Y92.SI
    0.415-0.010-2.35%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.19+0.05+35.71%
    5RC.SI
    0.42+0.09+27.27%
    5UL.SI
    0.42+0.07+21.74%
    5DS.SI
    0.152+0.016+11.76%
    K2P.SI
    0.127+0.011+9.48%
    V69.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.029-17.06%
    40B.SI
    0.092-0.013-12.38%
    A18.SI
    0.13-0.02-12.16%
    L10.SI
    0.495-0.055-10.00%
    TI6.SI
    0.112-0.011-8.94%
    B32.SI