Gold Technical Analysis for October 03, 2016.
October 2, 2016 11:08 pmVideo
Latest News
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- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
Technical outlook and chart setups:
Gold has printed yet another low at
$1,312.00/13.00 levels as expected and discussed earlier. The yellow metal is
seen to be trading at $1,316.00/17.00 levels for now, looking to produce a
counter trend rally towards $1,330.00/31.00 levels before resuming lower again.
The wave structure also indicates that the metal has unfolded into 5 waves from
$1,352.00 through $1,313.00 levels and is expected to produce a 3 wave
corrective rally. Please not that fibonacci 0.618 resistance is also passing
through $1,332.00 levels as depicted here and a bearish reaction is expected if
prices manage to reach there. It is recommended to take profits on short
positions now and wait for opportunities to go short at higher levels.
Immediate resistance is now seen at $1,340.00/43.00 levels, while support is at
$1,306.00 levels respectively.
Trading recommendations:
Please book profits on short
positions taken earlier.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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