Gold Elliott wave analysis for October 10, 2013
October 10, 2013 9:45 amVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
Gold has broken the sideways triangle downwards and fell below 1,300 reaching the 1,290 support. Now it is trading near 1,304, prices are expected to continue to move lower as resistance at 1,330 was rejected and we expect the precious metal to continue falling.
Short-term support is found at 1,290,1,280, 1,270. The 1,270 price level is the most important one as it also is the neckline of the Head-and-Shoulders pattern that is being formed. Breaking below that level will open the way towards 1,200-1,150. Short-term resistance is found at 1,318 and 1,325.
Our view remains bearish as long as prices in the daily chart continue to trade below the downward sloping trendline. That resistance line is now found at 1,328. We anticipate that soon prices will make a big downward move that will break support levels.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: