Gold Elliott wave analysis for January 30, 2014
January 30, 2014 9:25 amVideo
Latest News
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
- Forecast for EUR/USD on April 26, 2024 April 26, 2024
- Forecast for GBP/USD on April 26, 2024 April 26, 2024
- Forecast for AUD/USD on April 26, 2024 April 26, 2024
- The ECB also has reasons to worry April 26, 2024
- The dollar: there would have been no happiness, but misfortune helped April 26, 2024
- Trading Signals for EUR/USD for April 25-27, 2024: buy above 1.0684 (21 SMA – 3/8 Murray) April 25, 2024
- Trading Signals for GOLD (XAU/USD) for April 25-27, 2024: buy above $2,324 (21 SMA – 5/8 Murray) April 25, 2024
- Analysis of GBP/USD on April 25th. The dollar suffered a local defeat to win the war April 25, 2024
- USD/JPY: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- EUR/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: trading plan for the US session on April 25th (analysis of morning deals). The pound continued its recovery April 25, 2024
- EUR/USD: trading plan for the US session on April 25th (analysis of morning deals). The dollar is ready for GDP data April 25, 2024
- Euro turns to GDP and inflation data for a lifeline – Preview April 25, 2024
Gold price moved towards $1,270 yesterday but could break above the previous highs. Gold price got rejected and are now below $1,260 again. Although bulls are not able to break higher, despite the news from the Fed that another 10 billion dollars will be cut from the QE program, the support at $1,245-48 still holds.
The purple upward sloping trend line remains valid as Gold price still trade above it as shown in the chart above. Yesterday’s high near $1,270 could very well be wave C of our short-term elliott wave count as shown in the chart above. If this wave count is correct then today or at the latest tomorrow we should see Gold price move below $1,240. If we are wrong, then Gold price will hold above $1,245-48 which is the stop for bulls.
The daily chart as shown above shows how bulls and bears fight for the trend. Important price level for bulls and bears is the $1,273-75 range as it is important resistance. However as long as Gold price trade above $1,245-48 bulls will feel comfortable. Bears on the other hand need to break below that support in order to test the important area of $1,230.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: