We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • OPEC reportedly moves up oil production meeting to June 4 #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 75.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uuUtwe3YrJ
  • Technical Trade Levels: #Dollar, $EURUSD, $USDCAD, $AUDUSD, #Gold, #SPX and more! (Webinar Archive) - https://t.co/3UevjO8Lil
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.04% Gold: 0.55% Oil - US Crude: -1.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5jVWooiTee
  • GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23. A contrarian view of crowd sentiment points to GBP/USD strength. https://www.dailyfx.com/sentiment https://t.co/wyWpKN83H2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.79% 🇨🇦CAD: 1.33% 🇳🇿NZD: 1.31% 🇪🇺EUR: 0.20% 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q2qAPkPXZi
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.29% Wall Street: 0.27% Germany 30: 0.08% FTSE 100: -0.00% France 40: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vHF9F2qb4Z
  • Happy Monday traders! What does the new month bring? Are we looking at positive sentiment but not much momentum❔ What are the market highlights heading into New York open? Find out from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/xaHZXjZdZr
  • US Treasury Secretary Steven Mnuchin to hold call with G-7 finance ministers on Wednesday per his public schedule $DXY
  • Overlay that with google search terms for “protest” and “riots” and you see a similar uptick. Last time we saw a surge in these search terms was back in August 2019 and we saw a lot of volatility ensue shortly after. https://t.co/ZXAkgRWfAB
Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

2012-12-17 23:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

eliottWaves_gold_body_gold.png, Commodity Technical Analysis: Gold Probes Lows before Closing Near High of Day

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Viewed in light of the 3 wave advance from 1672.50, the trend is lower.” Last week’s rally reversed just shy of Fibonacci resistance at 1727 and another run on the level can’t be dismissed following today’s rally. The line in the sane for me is the 11/23 high at 1754.

Commodity Trading Strategy: Nothing.

LEVELS: 1641 1673 1685 1711 1723 1727

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.