empty
 
 
09.09.2013 12:07 PM
Gold Elliott wave analysis for September 9, 2013

Gold prices were very volatile on Friday. After reaching our 1,360 target, prices spiked upwards and reached 1,394. The resistance at 1,400 still holds and prices seem unable to break above that level.

This image is no longer relevant

Gold prices are expected to move lower once again as long as prices trade below the 1,400 resistance. The first bearish confirmation will come when prices break below 1,382. Next short-term support is found at 1,372 and then at 1,360. Our target will now be a new lower low towards 1,350-40. Short-term resistance is found at 1,394 and 1,400 and it is the most important one.

This image is no longer relevant

In the daily chart, there is evidence that as prices get near the blue upward sloping trendline, prices are supported. One more last leg down towards 1,350-40 can be seen during the start of the week, but breaking again above 1,400 will bring back buyers and a re-test of the highs. Concluding, we are cautiously bearish with 1,400 as stop. We target at 1,340-50 where the trendline is the support in the daily chart. Lower lows and lower highs confirm that the trend remains downward.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback