Gold Elliott wave analysis for October 24, 2013
October 24, 2013 10:30 amVideo
Latest News
- Technical Analysis – US 500 index slides beneath rising trend line April 8, 2024
- Overview of the GBP/USD pair. April 8th. US inflation may present a new unpleasant surprise April 8, 2024
- Overview of the EUR/USD pair on April 8, 2024 April 8, 2024
- Market Comment – Stocks climb after sizzling US jobs report April 8, 2024
- Weekly forecast based on simplified wave analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US dollar index April 8, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold April 8, 2024
- Forex forecast 04/08/2024: EUR/USD, GBP/USD, USD/JPY, Gold and Bitcoin from Sebastian Seliga April 8, 2024
- Analysis and trading tips for USD/JPY on April 8 April 8, 2024
- Analysis and trading tips for GBP/USD on April 8 April 8, 2024
- Analysis and trading tips for EUR/USD on April 8 April 8, 2024
- Technical analysis of GBP/USD for April 8-13, 2024 April 8, 2024
- Technical analysis of EUR/USD for April 8-13, 2024 April 8, 2024
- Technical Analysis – EURUSD undecided near converging SMAs April 8, 2024
- Technical Analysis – Gold unlocks fresh all-time high again April 8, 2024
- Hot forecast for EUR/USD on April 8, 2024 April 8, 2024
- Trading plan for GBP/USD on April 8. Simple tips for beginners April 8, 2024
- Trading plan for EUR/USD on April 8. Simple tips for beginners April 8, 2024
- Behind the scenes of Wall Street’s rise: the impact of employment data on the stock market April 8, 2024
- Trading Signals for GOLD (XAU/USD) for April 8-10, 2024: sell below $2,350 (6/8 Murray – overbought) April 8, 2024
- Forecast for EUR/USD on April 8, 2024 April 8, 2024
Gold short-term trend remains upward. Short-term support is found at 1,328 and at 1,310. Short term resistance is found at 1,343 and 1,375. As long as prices do not make a new high above 1,343, then blue wave count is most possible one. If prices make a new higher high, then red wave count is our favorite and blue count is invalidated.
The red trendline support is important for the short term trend. If prices break it, then we could go short with the 1,339 stop and the 1,310-15 target. Prices, however, could fall further towards 1,300-1,290 if they are making a correction of the entire upward move from 1,250.
This upward break out is not the same as the previous big upward moves, pointed out in the daily chart above. It seems that prices have more chances to continue higher towards 1,350-75 at least. As long as prices trade above 1,328, we remain long with the 1,350 first target. Breaking above resistance at 1,343, then we will have more chances to see 1,350-75.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: