News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Heads Up:🇺🇸 Building Permits MoM (AUG) due at 12:30 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇺🇸 Housing Starts MoM (AUG) due at 12:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇨🇦 New Housing Price Index YoY (AUG) due at 12:30 GMT (15min) Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
  • strong bounce in $SPX overnight was up as much as 100 handles off of the lows at one point, futes pointing to a strong gap on the open $SPY $ES https://t.co/ZT5z74jWeS
  • $USD still pulling back from that resistance inflection yday 93.19 couldn't hold support, next zone on my chart is down at 92.80-92.90 $DXY https://t.co/Lrl4p9ytgF https://t.co/XvOgSz1MwY
  • RT @Amena__Bakr: Nigeria has asked opec to review its baseline quota- Nigeria’s oil min #OOTT #opec
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/bS9seqXadu
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/qmPQdsjX7b
  • OECD Chief Economist Boone says we think Chinese fiscal and monetary authorities have the capacity to buffer the shock from Evergrande (3333 HK)
  • Ethereum (ETH/USD) - Heavily oversold CCI - see prior CCI/price re-action - and a bullish hammer candle forming - will need confirmation. #Ethereum #eth #candlesticks @DailyFXTeam https://t.co/rfTZE76Dm3
Gold Price Analysis: The Bullish Pattern Poised for $1375 Retest

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

Jeremy Wagner, CEWA-M, Head of Education

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?

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

DISCLOSURES