We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Gold Tests 50% Retraement

Gold Tests 50% Retraement

2011-02-08 15:37:00
Jsaettele,
Share:

240 Minute Bars

eliottWaves_gold_2_body_gold.png, Gold Tests 50% Retraement

Prepared by Jamie Saettele

Gold has held a multiyear support line. However, the decline from 1425.40 is in 5 waves, indicating that the larger trend is most likely down. Price has reached the 50% retracement of the impulsive decline, with the 61.8% at 1380.82 serving as additional resistance if needed. Expectations are for the corrective advance to terminate.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.