Gold Elliott wave analysis for October 7, 2013
October 7, 2013 12:30 pmVideo
Latest News
- Technical Analysis – US 30 index on the slide for the second week May 30, 2024
- Technical Analysis – Meta stock consolidates below 50-day SMA May 30, 2024
- Analysis of EUR/USD pair on May 30th. An unexpected stop near the 1.0788 mark May 30, 2024
- Euro suffers when ECB announces the first rate cut of the cycle – Special Report May 30, 2024
- Trading Signals for EUR/USD for May 30-31, 2024: buy above 1.0800 (200 EMA – rebound) May 30, 2024
- USD/JPY: Simple trading tips for novice traders for May 30th (US session) May 30, 2024
- Trading Signals for GOLD (XAU/USD) for May 30-31, 2024: buy above $2,345 (oversold – 200 EMA) May 30, 2024
- GBP/USD: Simple trading tips for novice traders for May 30th (US session) May 30, 2024
- EUR/USD: Simple trading tips for novice traders on May 30th (US session) May 30, 2024
- GBP/USD: trading plan for the US session on May 30th (analysis of morning deals). The pound recovered slightly May 30, 2024
- EUR/USD: trading plan for the US session on May 30th (analysis of morning deals). The euro recovered slightly May 30, 2024
- Forex forecast 05/30/2024: EUR/USD, GBP/USD, SP500 and Bitcoin from Sebastian Seliga May 30, 2024
- Technical Analysis – ETHUSD pulls back from 2-month high May 30, 2024
- Technical Analysis – USDCHF plunges near rising trend line May 30, 2024
- EUR/USD. May 30th. Bears have taken the offensive. The euro is rapidly falling May 30, 2024
- Forecast of GBP/USD pair on May 30, 2024 May 30, 2024
- Midweek Technical Look – GBPUSD, EURJPY, Oil May 30, 2024
- Video market update for May 30, 2024 May 30, 2024
- Technical Analysis – Gold flirts with lower Bollinger band May 30, 2024
- Has the pound rally run its course? – Special Report May 30, 2024
Gold prices continue to trade sideways with no clear short-term direction. The chart below shows the triangle is being formed. If prices break above 1326, then we should expect the upward bounce to complete near 1,350-60. If the triangle breaks downwards below 1,304, then expect 1,290-1,280 to be tested.
The short-term trend is neutral. Intermediate-term trend is downward as prices trade below the red downward sloping trendline. If this resistance is broken upwards we should anticipate a move to challenge the 1,375 highs. This line is now at 1,325-30. This level could be used as a stop reversel level. We prefer being short below that level and we could reverse to long if prices break above that level.
The longer-term picture remains unchanged. Strong resistance is found at 1,355-60 and the Head-and-Shoulders pattern is always on our mind as a bearish potential. If the neckline is broken we add to short positions. This confirmation will come if prices break below the 1,270-75 price level. Concluding we have a small short position with 1,330 stop. Wу should open new short positions if the neckline breaks with 1,150-1,200 target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: