Gold Elliott wave analysis for July 12th 2013
July 12, 2013 11:27 amVideo
Latest News
- Technical Analysis – EURCHF flirts with uptrend line May 9, 2024
- Technical Analysis – EURGBP runs out of steam near 0.8600 May 9, 2024
- Forex forecast 05/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga May 9, 2024
- USD/JPY: trading tips for beginners for European session on May 9 May 9, 2024
- Technical Analysis – USDJPY advances after bouncing off 50-day SMA May 9, 2024
- Market Comment – Pound slides ahead of Bank of England decision May 9, 2024
- Technical Analysis – NZDUSD bulls face strong resistance May 9, 2024
- GBP/USD: trading tips for beginners for European session on May 9 May 9, 2024
- EUR/USD: trading tips for beginners for European session on May 9 May 9, 2024
- Key events on May 9: fundamental analysis for beginners May 9, 2024
- Trading plan for GBP/USD on May 9. Simple tips for beginners May 9, 2024
- Trading plan for EUR/USD on May 9. Simple tips for beginners May 9, 2024
- Forecast for EUR/USD on May 9, 2024 May 9, 2024
- Forecast for GBP/USD on May 2024 May 9, 2024
- Forecast for USD/JPY on May 9, 2024 May 9, 2024
- Outlook for GBP/USD on May 9. The pound flat ahead of the Bank of England meeting May 9, 2024
- Outlook for EUR/USD on May 9. Third consecutive boring day for the euro May 9, 2024
- What to expect from the Bank of England meeting? May 9, 2024
- The euro hits certain points May 9, 2024
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
Gold after reaching our target of 1,294, has been sliding downwards towards 1,274 forming until now a three wave move from 1,298. According to our Elliott wave analysis, this could very possible be wave 4 of wave C up from 1,208. Prices are now near the upward sloping trend line support and this bullish scenario is still valid with 1,340 as target.
For this bullish scenario to be canceled, prices will need first to break below the blue upward sloping trend line at 1,270 and then overlap wave 1 high at 1,259. If these two conditions are met, then it will be condirmed that wave C up has finshed and a new downward move starts. From the beginning, we were labeling this upward move from 1,208 as another bigger degree correction. That is why we also mentioned that the longer-term trend remains bearsih, despite the short-term trend has changed.
Concluding, Gold has resistance at 1,298 and support at 1,270. Breaking either level will accelerate towards that direction. If support is held, bulls will need to break above 1,298 in order to reach 1,340. If support is broken, then expect a downward impulsive move to first test 1,259 and then 1,200. We remain bullish as long as prices trade above 1,270 with 1,298-1,340 target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: