Gold Elliott wave analysis for July 29, 2013
July 29, 2013 9:21 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Gold as expected reversed lower in an impulsive manner. However, our target remains 1,300 and lower in order to at least meet the conditions of a downward correction. Our view remains that the entire rise from 1,180 is a corrective A-B-C wave and now we start a new downward impulsive move. From 1,348 we have seen 5 waves down, three up and another 5 waves down. Our Elliott wave count is shown in the chart below where I have also added the alternative of a triangle corrective pattern that is also possible but not my first choice.
So what is our strategy? We remain bearish as wave 2 gave us a great opportunity to go short at the 76.4% Fibonacci retracement. We expect prices to break down and out of the triangle soon confirming our bearish view. Our stop for our short position remains the 1,348 price level. Bears will need to see a break below 1,313 that could push prices towards 1,290. Bulls, on the other hand, want prices to first break above 1,339 and then test the highs. Of course there will be the ultimate test for bulls. If another failure comes, the downward move will be strong.
The daily chart above shows that prices still trade within the upward sloping trend channel and that is why we are still cautious with our bearish feelings. The first signs supporting our bearish view are there, but we will also need to break below 1,287 and 1,260 in order to target a new low or a double bottom at 1,180 and lower. Concluding we remain bearish. For today we want prices to break below 1,325 support and head towards 1,308. Above we have resistance at 1,340 that should not be broken.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: