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Gold Price Pivots Below $1296; EUR/USD Still in Uptrend

Gold Price Pivots Below $1296; EUR/USD Still in Uptrend

Jeremy Wagner, CEWA-M, Head of Education

This is a recording of a US Opening Bell webinar from August 14, 2017.

In this recording, we mention positive risk to reward ratios. Learn more about them and why they are important with this Traits of Successful Traders guide.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on key markets for this week. Some of the key markets we analyzed include gold, oil, Dow Jones Industrial Average, EUR/USD, USD/JPY, AUD/USD.

Gold prices pivoted just below $1296 resistance keeping the door open for one last dip in the triangle pattern. If such a dip occurs, we are looking to the $1215-$1245 price zone as a terminal zone for the triangle. We are anticipating the triangle consolidation to give way to higher prices towards $1345.

Crude oil prices continue to grind sideways in a larger triangle. We are anticipating another retest of the $50.40 high so long as price remains above $47.71. For more study on how to identify and trade Elliott Wave triangles, register and watch this hour long webinar recording.

The bullish pattern in EUR/USD appears incomplete. Therefore, we will look to buy dips in the pair on an eventual retest of 1.19. It appears we may be getting close to the end of a third wave in an impulse (view a webinar recording on impulse patterns, how to identify and trade it). If so, then prices may begin softening a bit towards 1.12-1.13 in a fourth wave in the coming days.

IG client sentiment for EURUSD has remained net negative since April 18. This trend of 70% traders net short supports the longer term trend being to the upside. The current sentiment reading is -2.16. View the live trader positioning.

AUD/USD and USD/JPY are markets that appear vulnerable to the downside. A longer term top may have formed in AUDUSD. A breakout trade to new lows is a strategy to trade this market. USDJPY appears vulnerable to a new low below 1.08.

Check out our quarterly forecasts for USD, EUR, JPY, Gold and Oil back in late June.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

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