empty
 
 
18.10.2012 10:44 AM
GOLD Wave Analysis for October 18, 2012

This image is no longer relevant

GOLD Elliott Wave
Yesterday gold was trading in a sideways move, impulsive wave 5 (coloured blue) of the bigger wave (C) (coloured green) was developing. During the Asian and European sessions we could observe descending movement from 1,752.70 towards the 1,742.16 level. Therefore, during the early New York session this commodity did not manage to hold this level and price retrace back to 1,752.51 level. At the moment gold is trading around 1,747.60 level and we are expecting to see price around 1,728.50 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 4, we can define the potential targets with measuring wave 4, with Take Profit at 1,728.57 (100% of wave 4) and Take Profit 2 at 1,713.34 (161.8% of wave 4). To reduce the risk, we can use invalidation at 1,757.05 level as Stop Loss. Also it is necessary to monitor U.S. Unemployment Claims, Philly Fed Manufacturing Index data that can influence the price.
Support and Resistance
(S3) 1734.1 (S2) 1739.1 (S1) 1745.1 (PP) 1750.1 (R1) 1756.1 (R2) 1761.1 (R3) 1767.1
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1,744.50 with Stop Loss 1,757.05, Take Profit at 1,728.57 and Take Profit 2 at 1,713.34 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
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