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
Bearish
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
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
  • #Silver’s recent bull run may have run its course in the short-term with the sharp sell-off from the September 4 high print at $19.66/oz.Where is Silver heading? Get your market update from @nickcawley1 here: https://t.co/oVAZ4wPR7z https://t.co/1LvLXmqnwx
  • RT @Frances_Coppola: NY Fed thinks reserve hoarding by a small number of banks caused the repo tantrum. Question is, why are they hoarding…
  • Gold Prices Weekly Technical Forecast, Finding Upside Commitment? #GoldPrice #XAUUSD #Gold - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/20/Gold-Prices-Weekly-Technical-Forecast-Finding-Upside-Commitment.html?utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/CgaaEzb2li
Gold Price Analysis: The Bullish Pattern Poised for $1375 Retest

Gold Price Analysis: The Bullish Pattern Poised for $1375 Retest

2017-09-14 00:57:00
Jeremy Wagner, CEWA-M, Senior Strategist
Share:

Gold prices have been correcting lower for the past couple days and have reached a zone of interest. The Elliott Wave model we are following hints at support forming between now and $1310. The next move higher then becomes an ending wave.

It appears as though prices are correcting lower in a small degree wave iv. Typically wave iv in an impulse corrects towards the 38% retracement level of wave iii. If my wave labelling is correct, then gold prices may find support near $1317 and possibly down towards $1310. If price corrects below $1274, then the wave count is incorrect and we will reassess what the other models are indicating.

If gold prices are supported in this $1310-$1320 price zone, then we will look for a break higher that tests $1375.

$1375 is a big level for multiple reasons. There is a wave relationship that appears near there. Wave v is .382 the length of waves i-iii. In addition, the July 2016 high circles around in the same price zone. Therefore, we expect a battle between the bulls and bears to occur near this zone. We will likely see a reaction lower, but we cannot rule out a break higher eventually.

Gold Price Elliott Wave Chart

Gold Price Elliott Wave chart Sept 13, 2017

The IG Client sentiment reading for gold is at +1.79. 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.

Bottom line, look for gold prices to pivot higher near these current levels with a target near $1375. Below $1274 and we will need to reassess the Elliott Wave count.

Learn more about the Elliott Wave patterns by receiving our beginner and advanced Elliott Wave guides.

---Written by Jeremy Wagner, CEWA-M

Jeremy is a Certified Elliott Wave Analyst with a Master’s designation. These articles are designed to illustrate Elliott Wave applied to the current market environment.

This article references an impulse wave. We have a one hour long webinar recording devoted to the topic of Elliott Wave impulses. Register to view it.

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

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

GBPUSD Elliott Wave pattern clears up.

Copper prices have fallen hard…is this the beginning of a new down trend?

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

DISCLOSURES

News & Analysis at your fingertips.