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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.135+0.004+3.05%
    41F.SI
    0.191-0.007-3.54%
    40F.SI
    0.180.00-2.70%
    40E.SI
    0.1060.0000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.60+0.28+87.50%
    AWC.SI
    0.48+0.17+54.84%
    BCD.SI
    0.35+0.08+29.63%
    BQO.SI
    0.515+0.065+14.44%
    T55.SI
    0.155+0.019+13.97%
    BKZ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.225-0.045-16.67%
    N21.SI
    0.215-0.040-15.69%
    AWI.SI
    0.138-0.017-10.97%
    1C0.SI
    0.11-0.01-9.84%
    BRR.SI
    0.575-0.055-8.73%
    600.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4028-0.0048-0.34%
    USDSGD=X
    1.4894+0.0005+0.03%
    EURSGD=X
    1.7622-0.0043-0.24%
    GBPSGD=X
    79.9720-0.09-0.11%
    SGDJPY=X
    5.5298+0.019+0.34%
    SGDHKD=X
    3.1629+0.0003+0.01%
    SGDMYR=X
    9,480.4639-43.8711-0.46%
    SGDIDR=X
    4.8930+0.0152+0.31%
    SGDCNY=X
    1.0786-0.0069-0.64%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,257.80+6.40+0.51%
    GCJ17.CMX
    18.28+0.17+0.93%
    SIH17.CMX
    89.61-0.30-0.34%
    ^XAU
    2.67+0.02+0.56%
    HGK17.CMX
    54.03-0.42-0.77%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.88-0.03
    ^FVX
    2.39-0.03
    ^TNX
    3.02-0.01
    ^TYX