Editor’s note: With permission, the following article was adapted from the October 2014 issue of The Elliott Wave Financial Forecast, a publication of Elliott Wave International, the world’s largest market forecasting firm. You may review an extended version of the article for free here. In February, The Elliott Wave Financial Forecast discussed the great boom […]
Overview The 4H chart demonstrates that silver is going to take an upward move after its rebound from the Support level at 17.00 and currently is approaching the Resistance level of 17.30 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above […]
Overview: Since our last analysis, gold has been trading sideways downwards. As we expected, the price tested the level of 1,226.12. Our submajor Fibonacci retracement 38.2% at the price of 1,227.00 is on the test. According to the daily time frame, we can observe supply in a volume below the average. Gold is now in […]
October 24, 2014 – Commodities News Gold Yesterday, Gold continued the drop as the European PMI spurred the mood on the stock market and cut demand for safe-haven assets. We saw the pair drop below its support at $1,240/ounce and bounce off its second support at $1,227/ounce. Bearish sentiment then reversed and the price is […]
Gold price remains in a longer-term down trend and today we take another look in the weekly chart that confirms our bearish view of one more final move lower towards $1,050. The short-term trend has reversed as price has broken the support level at $1,240 and is testing $1,230. Gold price reversed yesterday and has […]
Yen steady after heavy losses Morning Report: 09.00 London • This morning, markets are mixed as the S&P 500 drifts back lower following extended gains yesterday. The dollar index is pausing as it hits overhead resistance. […]
The greenback is supported by the stronger US weekly jobless claims numbers resulted in sell-offs of the metal. In yesterday’s session the metal was rejected exactly at 50Sma and held support at 20Dsma. The trading pattern is framed between $1,243.50 (50Dsma) and $1,225.00 (20Dsma). In my previous article, I gave an alert, the metal prices […]
Gold is set to record a losing week after falling for the past two days on the back of economic data that showed that the US recovery is strengthening, decreasing demand for a safe haven. Spot gold traded at a price per ounce of $1,231.71 early morning Singapore time, slightly down from yesterday’s $1,231.84, based […]
Overview: Since our last analysis, gold has been trading sideways downwards. As we expected, the price tested the level of 1,231.96. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 took place successfully, which caused the price to go downwards. According to the daily time frame, we can observe weak demand and weak price […]
If you are serious about trading, Elliott Wave International’s (EWI) Jeffrey Kennedy has some advice for you: learn emotional discipline. In this article from his Trader’s Classroom Collection, he shares some expensive lessons he learned during his 20+ years trading the markets. Why Emotional Discipline is Key to SuccessBy Jeffrey Kennedy, EWI To be a […]
Gold price has broken lower after reaching as high as $1,254. The bullish flag pattern was canceled as price broke below the lower flag boundary and is now testing short-term support at $1,240 area. My longer-term view remains bearish with $1,050 as target. Blue line= support Green lines= price channel Gold price has broken the […]
October 23, 2014 – Commodities News Gold Yesterday, Gold dropped on the back of the stronger U.S. dollar and bounced off $1,240/ounce. Losses were limited as Asian stocks posted slight declined making traders more cautious. Fears over a global slowdown remain and therefore safe haven assets have maintained their previous gains. In addition to this, […]
Dollar In Demand Once Again Morning Report: 08.00 London • This morning the dollar index is proving to be in demand once again, closing above its moving average last night and pushing higher again this morning. […]
Technical outlook and chart setups: Silver re-tests support around $17.00/10 levels as expected. The metal is forming base around the same level before resuming rally towards $18.00/50 levels as depicted here. Resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up, while support is seen at $17.00, followed by $16.60/70 respectively. The […]
Technical outlook and chart setups: Gold has hit the fibonacci 0.382 ($1,255.00) resistance level of the fall from $1,345.00 to $1,283.00 levels, as seen here. It remains quite possible that the metal retraces from here towards $1,210 levels before extending its rally towards $1,270.00/80.00 levels or more. Resistance is seen at $1,255.00 (interim), followed by […]
The yellow metal fell back from 6-week highs, and closed below the 50Dsma. In yesterday’s session, the metal lost its shine due to the US strong inflation data. The metal fell below the 2-week ascending trend line and closed below that. In the daily chart, we can observe broadening top at $1,249.50 levels. The metal […]
Gold recovered from its largest loss in over two weeks behind the wedding and festival season in India, the largest user in the world next to China, which boosted physical demand. Spot gold increased by 0.1% to a price per ounce of $1,242.66 mid morning Singapore time, based on generic pricing from Bloomberg. The precious […]
Overview: Since our last analysis, gold has been trading sideways around the price of 1,248.00. We are facing a very calm market day and very low activity. We are still waiting for a larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test, so […]
You may remember that after the 2008-2009 crash, many called into question traditional economic models. Why did they fail? And more importantly, will they warn us of a new approaching doomsday, should there be one? This series gives you a well-researched answer. Here is Part VII; come back soon for Part VIII. Myth #7: “Peace […]
October 22, 2014 – Commodities News Gold Yesterday, Gold broke through its resistance at $1,250/ounce and climbed up to $1,255/ounce. The price reacted to continuing speculation over the U.S. interest rate hike. The safe-haven asset would have increased further but the stock market made gains following positive third quarter results; the S&P 500 increased by […]
Gold price is consolidating making another bulish flag pattern that could push price towards $1,265. The bounce from $1,181 remains inside the upward sloping channel and I continue to believe this is a corrective bounce that will soon end and start a new downward move to push Gold price towards $1,150. Gold price remains above […]
Pound Slumps as Borrowing Rises Morning Report: 09.00 London • This morning, financial markets are pausing for breath after a strong performance yesterday on the back of healthy earnings figures from the likes of Apple. The dollar index is also on the front foot, reversing Tuesday’s early slump. […]
Technical outlook and chart setups: Silver is still trading between $17.20 and $17.50/60 as seen here. The metal could be looking to form base around $17.00 levels before resuming rally. As seen here, an engulfing bullish candle was confirmed at $16.60/70 levels earlier and the bullish reversal should hold for now. Support is seen at […]
Technical outlook and chart setups: Gold has hit a new intraday high at $1,255.00 levels yesterday, before pulling back. Please note that $1,255.00 region is seen to be converging with past support turned resistance, and the fibonacci 0.382 resistance of the downswing between $1,344.00 and $1,184.00 respectively. High probability for the metal is to turn […]
Gold traded near a six week high with demand picking up in India, the second largest user after China, due to its Diwali festival and the upcoming wedding season. Spot gold increased by as much as 0.3% to a price per ounce of $1,251.90 and was trading mid morning Singapore time at $1,247.56, based on […]
Overview: Since our last analysis, gold has been trading upwards. The price tested the level of 1,253.52 in a volume below average. We are still waiting for a larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test, so be careful when buying gold. […]
Gold prices were seen trading higher on Tuesday, trading near its highest in five weeks as the greenback weakened amid concerns over the global economic slowdown. Gold for immediate delivery traded 0.4% higher to $1,251.63 an ounce, according to Bloomberg generic pricing, while gold futures for December delivery rose 0.6% to $1,251.60 on the Comex […]
Overview As shown from the today’s H4 chart, the metal is stabilizing above the support level of 17.30 after its failure to break last week. Currently, we must wait for retesting the Support level again and closing below to get the bearish move opportunity according to its rebound from the resistance level of 17.50. In […]
October 21, 2014 – Commodities News Gold Yesterday, Gold climbed above $1,240/ounce as traders sold their positions on the Japanese Yen (which is also a safe-haven asset) and placed more orders on gold. During the Asian session, the price tested its strong resistance at $1,250/ounce after Chinese GDP data reinforced expectations that Beijing will need […]
China Beats Estimates, But It’s Not Enough Morning Report: 09.00 London • This morning, financial markets seem determined to look at the glass half empty after Chinese GDP and industrial production figures came in above estimates. These figures still put China as having it’s slowest year since 1990 though, which seems to be the fixation point […]
