Never miss a story from Jeremy Wagner

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Jeremy Wagner

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Gold prices continue to consolidate inside a range. The Elliott Wave model we are following hints that we could see an eventual breakout above $1295, though it does call for some shorter term weakness.

According to the model, gold prices are grinding sideways in a ‘B’ wave. This wave could continue to drop towards $1228 and possibly dive towards the March low of $1194.

If gold prices do approach $1194, we think it may find support in the $1180 - $1194 zone. The model we are following does suggest a lower probability outcome for gold prices to break below $1122 and that prices are likely to hold above $1122.

Gold Price Elliott Wave June 26, 2017

The IG Client sentiment reading for gold is at +3.75. Traders have remained near current positioning levels for the past several weeks. In a way, this makes sense because gold prices have been trading sideways with no real breakout taking place. However, we can use sentiment as a contrarian indicator that suggests there may be weakness in the yellow metal in the shorter term. Follow this live reading and learn how to trade with sentiment at this link.

Bottom line, we are anticipating some losses in gold price and for support to form above $1122. Once support is formed, we anticipate new highs above $1295.

This is a shorter term outlook for gold. Read our quarterly gold price forecast to see what may be influencing the longer term cycles.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

EUR/USD has stalled. Where might we be in the Elliott Wave cycle? Read more on my EURUSD analyst pick.

Read the recent Dow Jones Elliott Wave article.

USD/JPY advances in impulses and corrects in three’s…see what that hints at for price action.

AUDUSD aims for 77 cents...see key levels to watch.