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
Guest Commentary: Gold Looking to Complete a Cycle Low

Guest Commentary: Gold Looking to Complete a Cycle Low

Eric Morera, Technical Strategist

Gold's preferred Elliott wave count is showing a triple corrective structure down from the $1392 peak when $1342 was the second wave ((x)).

As channel resistance caps the move, gold now has the scope to drop as low as $1296 or maybe even $1282 in order to complete the cycle.

The $1262 to $1287 area is the four-hour inflection zone where we expect sellers to take profit and new buyers to appear. That's why we expect at least a bounce to originate within that area.

By Eric Morera of Elliottwave-Forecast.com

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

DISCLOSURES