Gold analysis for December 4, 2013
December 4, 2013 11:15 amVideo
Latest News
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
Gold has extended its 3rd wave down from 1,360$ and therefore there is more downside to be expected. Short term support is found at 1,200-1,190. Short term resistance is found at 1,240-50. We believe that the downward move from 1,360 is not over and we should expect wave 4 and 5 to unfold.
Wave 4 should reach near 1,230-40 and wave 5 should make a new lower low towards 1,200-1,190. The trend remains down as prices continue to make lower lows and lower highs. Breaking above 1,258$ will put this wave count into question.
The longer term trend as shown in the daily chart above remains down. Prices on a daily basis continue to trade within the blue downward sloping channel. The head and shoulders pattern was broken and we have 1,140$ as target. The 34 day MA has a negative slope. The lower lows and lower highs pattern confirms downtrend. All these are signs that trend is down. Only if prices break above 1,360$ we can say that the trend has changed in the intermediate term. For now we remain bearish with 1,140$ as target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: