Gold Elliott wave analysis for July 11th 2013
July 11, 2013 9:43 amVideo
Latest News
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
- Analysis of GBP/USD on May 8th. The pound hits an important level May 8, 2024
- USD/JPY: Simple Trading tips for novice traders on May 8th (US session) May 8, 2024
- GBP/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- EUR/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- Trading Signals for CRUDE OIL (WIT) for May 8-15, 2024: buy above $78.12 (21 SMA – 2/8 Murray) May 8, 2024
- GBP/USD: trading plan for the US session on May 8th (analysis of morning deals). The pound was bought in the area of 1.2471 May 8, 2024
- EUR/USD: trading plan for the US session on May 8th (analysis of morning deals). No statistics, no movement May 8, 2024
- EUR/USD. May 8th. The market continues to rest against the background of an empty calendar May 8, 2024
- Technical Analysis – USDCAD enjoys renewed strength May 8, 2024
- Technical Analysis – US 500 index advances towards all-time high May 8, 2024
- GBP/USD. May 8th. The pound does not expect a rate cut by the Bank of England May 8, 2024
- Video market update for May 08, 2024 May 8, 2024
- Technical Analysis – EURJPY flirts with 167.00 again May 8, 2024
- Technical Analysis – WTI oil futures restart downtrend May 8, 2024
- Forex forecast 05/08/2024: EUR/USD, Oil, Gold and SP500 from Sebastian Seliga May 8, 2024
- Technical Analysis – GBPUSD pulls back after testing 50-day SMA May 8, 2024
- Market Comment – US dollar recovers, stocks’ rally stalls as market tries to find its footing May 8, 2024
- USD/JPY: trading tips for beginners for European session on May 8 May 8, 2024
- Weekly Technical Outlook: 08/05/2024 – USDJPY, GBPUSD, USDCAD May 8, 2024
Gold prices were very volatile last night, but without breaking below our important support levels. Trendlines where held and so did the potential upward trend. We were expecting at least a new high above 1,266 but our first elliott wave target was 1,294. At that price level wave C was equal to wave A. Prices moved early today impulsively upwards towards 1,298.
Wave C has reached the upper boundaries of the upward sloping channel. Resistance is found at this level and we could expect a pullback towards 1,270-60 area. The upward move from 1,208 is in three waves. Breaking below 1,245 will confirm the end of the upward correction. Otherwise, if prices make a correction only towards 1,270-60, we expect another leg up towards 1,350.
As mentioned yesterday, the downward move from 1,260 was overlapping and labeled as corrective. We were expecting an upward break that finally came and reached our target. This upward move that started from 1,243 was complete in 5 waves at 1,298. Bulls should be carefull as the entire upward correction is likely to be over. The form of the price movement in the next couple of days will give us more info and insights on what to expect next.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: