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
    1.4124+0.0006+0.05%
    USDSGD=X
    1.5975+0.015+0.95%
    EURSGD=X
    2.1627-0.0037-0.17%
    GBPSGD=X
    84.7546-1.1211-1.31%
    SGDJPY=X
    5.4872-0.0024-0.04%
    SGDHKD=X
    2.9693+0.0035+0.12%
    SGDMYR=X
    9,949.4648+1.457+0.01%
    SGDIDR=X
    4.5113-0.0052-0.11%
    SGDCNY=X
    0.9954-0.0084-0.83%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,140.30+7.80+0.69%
    GCZ15.CMX
    14.62+0.03+0.23%
    SIZ15.CMX
    48.04-0.39-0.81%
    ^XAU
    2.30-0.04-1.56%
    HGZ15.CMX
    45.66-3.54-7.20%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.51-0.03
    ^FVX
    2.19-0.01
    ^TNX
    2.96+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.002-1.54%
    5DN.SI
    0.315+0.005+1.61%
    5WA.SI
    0.52-0.03-4.59%
    N21.SI
    3.71-0.03-0.80%
    Z74.SI
    0.70-0.02-2.78%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.20+0.02+11.11%
    5G1.SI
    0.22+0.02+10.00%
    AZR.SI
    0.22+0.02+7.32%
    5FL.SI
    0.79+0.05+6.76%
    41E.SI
    0.128+0.008+6.67%
    PH0.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.25-0.06-18.03%
    578.SI
    0.205-0.045-18.00%
    5NF.SI
    0.158-0.033-17.28%
    L02.SI
    0.112-0.021-15.79%
    40U.SI
    0.205-0.030-12.77%
    R14.SI