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
    1.3592-0.0019-0.14%
    USDSGD=X
    1.4938-0.0025-0.17%
    EURSGD=X
    1.7860-0.0015-0.08%
    GBPSGD=X
    76.9820-0.705-0.91%
    SGDJPY=X
    5.7056+0.0106+0.19%
    SGDHKD=X
    2.9881-0.011-0.37%
    SGDMYR=X
    9,688.5859+38.9688+0.40%
    SGDIDR=X
    4.9115+0.0059+0.12%
    SGDCNY=X
    1.0209+0.004+0.39%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,321.10+1.60+0.12%
    GCQ16.CMX
    19.68+0.03+0.17%
    SIU16.CMX
    102.91+3.02+3.02%
    ^XAU
    2.22+0.01+0.29%
    HGU16.CMX
    42.78-0.35-0.81%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.16+0.02
    ^FVX
    1.58+0.01
    ^TNX
    2.29+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.165-0.003-1.79%
    N21.SI
    0.495+0.055+12.50%
    5TP.SI
    1.035+0.030+2.99%
    Y92.SI
    0.365+0.005+1.39%
    E5H.SI
    0.775-0.025-3.13%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.235+0.030+14.63%
    BOU.SI
    0.29+0.03+13.73%
    S71.SI
    0.445+0.050+12.66%
    BHU.SI
    0.495+0.055+12.50%
    5TP.SI
    0.24+0.02+11.63%
    S46.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.161-0.089-35.60%
    BFT.SI
    0.19-0.03-13.64%
    BDN.SI
    0.16-0.02-9.60%
    O08.SI
    0.20-0.02-9.09%
    BLZ.SI
    0.106-0.010-8.62%
    BEH.SI