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
    1.2531+0.0007+0.06%
    USDSGD=X
    1.7314+0.0012+0.07%
    EURSGD=X
    2.1058+0.0017+0.08%
    GBPSGD=X
    81.8936+0.1113+0.14%
    SGDJPY=X
    6.1877-0.0043-0.07%
    SGDHKD=X
    2.5940+0.0084+0.33%
    SGDMYR=X
    9,123.8467+4.9844+0.05%
    SGDIDR=X
    4.9734+0.003+0.06%
    SGDCNY=X
    1.16870.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,288.00-5.90-0.46%
    GCM14.CMX
    19.39-0.21-1.05%
    SIK14.CMX
    90.18
    ^XAU
    3.050.00+0.05%
    HGK14.CMX
    103.10-0.27-0.26%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.72
    ^FVX
    2.70
    ^TNX
    3.50
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.113-0.002-1.74%
    B22.SI
    0.135+0.010+8.00%
    545.SI
    2.190.0000.00%
    JS8.SI
    0.605-0.005-0.82%
    E5H.SI
    0.143+0.004+2.88%
    5GB.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.040+18.60%
    5UE.SI
    0.345+0.045+15.00%
    5DS.SI
    0.18+0.020+12.50%
    T16.SI
    0.19+0.016+9.20%
    540.SI
    0.138+0.011+8.66%
    J74.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.17-0.030-15.00%
    5WD.SI
    0.118-0.014-10.61%
    S71.SI
    0.123-0.013-9.56%
    5FI.SI
    0.20-0.020-9.09%
    D6U.SI
    0.29-0.025-7.94%
    O08.SI