Wave analysis of gold for November 18, 2016
November 18, 2016 8:55 amVideo
Latest News
- Technical Analysis – USDJPY plummets after 34-year high of 160.20 April 29, 2024
- EUR/USD. April 29th. The bulls continue to advance April 29, 2024
- GBP/USD. April 29th. Bulls find it extremely difficult to move upwards, but this week could change everything April 29, 2024
- Market Comment – Yen spikes on suspected intervention; big week awaits the dollar April 29, 2024
- Forex forecast 04/29/2024: EUR/USD, GBP/USD, USD/JPY, EUR/JPY, GBP/JPY and BTC from Sebastian Seliga April 29, 2024
- Federal Reserve encounter troubles April 29, 2024
- Technical Analysis – EURUSD attempts recovery from 5-month low April 29, 2024
- USD/JPY: trading tips for beginners for European session on April 29 April 29, 2024
- EUR/USD: trading tips for beginners for European session on April 29 April 29, 2024
- Video market update for April 29, 2024 April 29, 2024
- Technical Analysis – US 500 cash index is in the green ahead of the Fed April 29, 2024
- Technical Analysis – Gold weakens its momentum April 29, 2024
- Forecast for EUR/USD on April 29, 2024 April 29, 2024
- Forecast for GBP/USD on April 29, 2024 April 29, 2024
- Forecast for USD/JPY on April 29, 2024 April 29, 2024
- Key events on April 29: fundamental analysis for beginners April 29, 2024
- Trading plan for GBP/USD on April 29. Simple tips for beginners April 29, 2024
- Trading plan for EUR/USD on April 29. Simple tips for beginners April 29, 2024
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
With the new low yesterday at $1,203 Gold price most probably completed wave C down and 5 wave down from the post election high. Gold price action is placing the last puzzle pieces of the entire correction that started from the highs at $1,375. I remain long-term bullish about Gold.
On the 4-hour chart above, we can seen a 5-wave decline from the highs since after the US election results were out. This is a typical wave C formation of 5 waves. This is the last part of a wave 2 decline. Most Gold traders share bearish sentiment as wave 2 would suggest. People are talking again about new lows in Gold as the Dollar strength is expected to continue through the roof. Not by me.
The final pieces of the wave structure puzzle are being placed. Wave 2 is already complete or will soon be completed. Through the last few months my analysis was that if $1,240 was broken Gold would push towards $1,220-$1,180 to complete wave 2. Gold made an impulse rise from $1,045 to $1,375 and a corrective decline from that high to yesterday’s low. I now expect Gold price to reverse strongly upwards.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: