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
    1.3700-0.0011-0.08%
    USDSGD=X
    1.5111-0.0014-0.09%
    EURSGD=X
    2.0884-0.0028-0.14%
    GBPSGD=X
    87.5857-0.0151-0.02%
    SGDJPY=X
    5.6618+0.0053+0.09%
    SGDHKD=X
    2.6683+0.0043+0.16%
    SGDMYR=X
    9,477.3555-26.6826-0.28%
    SGDIDR=X
    4.5724+0.0013+0.03%
    SGDCNY=X
    1.0683+0.0014+0.13%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,198.30+2.10+0.18%
    GCJ15.CMX
    16.160.00+0.01%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.650.00-0.08%
    HGK15.CMX
    51.15+0.39+0.77%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.04+0.03+3.48%
    N21.SI
    0.93-0.02-2.11%
    G13.SI
    3.40+0.01+0.29%
    ES3.SI
    100.009-0.006-0.01%
    41H.SI
    4.15+0.04+0.97%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.119+0.014+13.33%
    5CH.SI
    0.245+0.020+8.89%
    MR8.SI
    0.114+0.008+7.55%
    40E.SI
    0.255+0.015+6.25%
    5UZ.SI
    0.108+0.006+5.88%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.335-0.020-5.63%
    D03.SI
    0.12-0.01-6.25%
    5G2.SI
    0.100.00-4.76%
    A18.SI
    1.205-0.045-3.60%
    S44.SI
    0.28-0.01-3.45%
    ACW.SI