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
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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
  • The gold-silver ratio is simple. It is the number of silver ounces you would need to trade to receive one ounce of #gold at current market prices. Find out how you can use this in your trading strategy here:https://t.co/kh5DZvv5ib $XAUUSD https://t.co/eJGODpfTNc
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/DoVBd1l1oO
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/k4tVcFuwxW #CommoditieswithDailyFX https://t.co/zXCSmH2HLX
  • Markets are trying to maintain a bullish tilt as a new week rolls around, a look ahead at the charts of the #Dow, #DAX, and #FTSE. Get your technical analysis on major world indices from @PaulRobinsonFX here: https://t.co/bYjRDvQsdM https://t.co/mbg0rUbv3K
  • Trade conflict is clearly awful for the broad world economy, but some countries are already benefiting from it. More stand to do so. Spotting them early could be profitable. Get your update on the #tradewar from @DavidCottleFX here: https://t.co/og0VAPAqwm https://t.co/xB8hYUj4OA
  • #Gold prices may suffer if better-than-expected US economic data and progress on US-China trade negotiations cool 2020 Fed rate cuts and alleviate demand for anti-fiat hedges. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/3ula2sUpqL $gld https://t.co/2iZwxcm3wP
  • What's the difference between leading and lagging indicators? Find out from @RichardSnowFX here:https://t.co/vGx8HCagF5 https://t.co/KCZ48rDnhy
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/tTXcw1b7Tp
  • RT @dlacalle_IA: ... “Temporary” Fed plans to double repo market intervention to avoid cash crunch https://t.co/j6N3Qmo6HX
Gold Prices Advance in Preparation for $1296 Retest

Gold Prices Advance in Preparation for $1296 Retest

2017-08-10 01:02:00
Jeremy Wagner, CEWA-M, Senior Strategist
Share:

The tension rising in the Korean peninsula has traders bidding up gold prices. We have been maintaining for three months now how our models were showing the gold price pattern was incomplete to the upside on an eventual break above $1300. As gold trades at $1275, will this current rise hold enough energy to break higher?

We can’t say for sure if the current trend is going to break higher, but the patterns are longer term bullish. It appears gold prices are consolidating in a sideways triangle. If this pattern holds, then gold would need to hold below $1296 and continue sideways. It does appear as though we are nearing the end of the triangle pattern. Therefore, if we do get another dip into the $1215-$1245 zone, that dip may be the final wave of the triangle offering bullish traders an opportunity.

To learn more about trading Elliott Wave triangle, view this hour long webinar recording solely covering the triangle pattern with a free registration. Don’t have time for the video recording, grab your beginner and advanced Elliott Wave guides here.

Gold Prices Advance in Preparation for $1296 Retest

If we do get an immediate break above $1296, that would imply that the ‘B’ wave ended in early July as a flat pattern and the ‘C’ wave at one larger degree is working itself higher towards $1345.

The IG Client sentiment reading for gold is at +2.09. The number of traders net long gold have decreased since the beginning of July. This could be a subtle clue for bullish traders as the sentiment reading has been dropping from even more extreme levels. Follow live trader positioning in gold.

$1204 is a key level and our models show this is a lower probability move. A break below $1204 would cause us to reconsider the bigger picture pattern and we would turn neutral the yellow metal.

Bottom line, we are anticipating gold prices to find continue to be supported on an eventual break above the $1296 ceiling.

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.

Crude oil prices stuck in a sideways triangle consolidation.

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

DISCLOSURES

News & Analysis at your fingertips.