Gold Elliott wave analysis for August 30, 2013
August 30, 2013 10:15 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Gold turned lower yesterday confirming our view that it is time for a correction towards 1,370. This is the first major support and we could see a pause of the decline at that price level. Gold has topped the mark of 1,430 and as we mentioned a pull back was imminent. Our first sell signal was given once and 1,412 was broken and the second level of 1,400 failed as support. Now, we are targeting the 38% retracement from 1,270 at 1,370.
The longer-term outlook is bearish for Gold. If the upward blue sloping trendline at 1,330 is broken, then we could expect 1,270 to be tested and see even lower prices. Currently, it is very possible that we are in a downward correction towards 1,350-70.
The 1-hour chart shows a breakdown in prices as support at 1,400 is broken. The short-term support is found at 1,390-1,380. The short-term resistance is found at 1,410-25. We believe that downward pressures will continue and push Gold prices below 1,370 eventually. We remain short with 1,430 as stop and the first target at 1,370.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: