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
    1.3524+0.0039+0.29%
    USDSGD=X
    1.4485+0.0002+0.01%
    EURSGD=X
    2.0123+0.0025+0.12%
    GBPSGD=X
    88.3584-0.0658-0.07%
    SGDJPY=X
    5.7306-0.0166-0.29%
    SGDHKD=X
    2.6996+0.009+0.33%
    SGDMYR=X
    9,583.4043-54.7227-0.57%
    SGDIDR=X
    4.5862-0.0113-0.25%
    SGDCNY=X
    1.0415-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,194.70+1.00+0.08%
    GCM15.CMX
    15.94+0.05+0.29%
    SIK15.CMX
    71.20+0.26+0.36%
    ^XAU
    2.73-0.01-0.24%
    HGK15.CMX
    57.61-0.27-0.47%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.03
    ^FVX
    1.90+0.05
    ^TNX
    2.57+0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.290.00-1.69%
    5WA.SI
    4.33-0.08-1.81%
    Z74.SI
    1.045+0.020+1.95%
    G13.SI
    0.87-0.01-1.69%
    N21.SI
    0.23+0.01+4.55%
    5GB.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.295+0.030+11.32%
    G10.SI
    0.525+0.040+8.25%
    P9D.SI
    0.26+0.01+6.12%
    I85.SI
    0.117+0.008+7.34%
    41S.SI
    1.54+0.06+4.05%
    T14.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-20.00%
    5WD.SI
    0.23-0.02-9.80%
    41H.SI
    0.37-0.03-6.33%
    5VP.SI
    0.118-0.006-4.84%
    5PO.SI
    0.20-0.01-4.76%
    B26.SI