empty
 
 
18.09.2013 01:15 PM
Gold Elliott wave analysis for September 18, 2013

Gold made a new low today at 1,291 confirming our bearish view. The trend remains downward. Prices continue to trade within the downward sloping channel. Our view and wave count remain bearish with target at the 1,280-70 level. The impulsive downward wave that started at 1,433 will soon be complete so bears will have to tighten their stops. However, we still believe that this downward wave could complete near 1270.

This image is no longer relevant

The daily chart shows clearly that support is broken and that the trend is downward as lower lows and lower highs are being formed. Support is found at 1,292 and at 1,280. Resistance is found at 1,315 and at 1,325.

This image is no longer relevant

Prices continue to trade within the downward sloping channel. Our wave count is depicted in the chart above. We expect new lower lows in order to complete the wave pattern from 1,433. Concluding, we remain bearish with 1,335 stop. First buy target is at 1,285.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback