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Webinar: Gold Prices Sport a Bearish Pattern; EUR/USD May Dip to 1.1650

Webinar: Gold Prices Sport a Bearish Pattern; EUR/USD May Dip to 1.1650

Jeremy Wagner, CEWA-M, Head of Education


Until today, Gold prices have quietly rallied. We think this may set up a larger correction. Learn the patterns we are following along with key levels to watch.

The video above is a recording of a US Opening Bell webinar from November 20, 2017.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include Gold, EUR/USD, GBP/USD, USD/JPY, NZD/USD, USD/CAD, EUR/JPY and GBP/JPY.

Are you new to trading FX? We created this guide just for you.

Gold prices started the day in selling mode. Based on the Elliott Wave pattern we are following, gold prices are near an area that a larger pivot lower is possible. Gold has been in a sideways consolidation since early October and it appears this sideways consolidation is nearing a bearish pivot zone. A break down below the October 2017 low would likely lead to additional losses. We have been anticipating a bearish reversal that forecasts a drop down to $1216 and possibly lower. So long as gold prices remain below $1306, we ought to respect the potential for a deeper move down towards $1216.

EUR/USD has been trading in volatile form lately. We believe that the wave four correction ended in early November at 1.1553. As a result, EUR/USD is moving higher in a wave five to retest 1.20. It appears as though we started with an impulsive move higher from Nov 7 to Nov 15. We think this impulse has an extended 5th wave at smaller degree of trend. Therefore, it is higher probability we will see a large portion of that extended fifth wave retraced. We will anticipate EUR/USD to fall back towards 1.1650-1.1675. In this price zone, we will look for symptoms of a bullish reversal higher.

Here are some Elliott Wave resources shared on the webinar.

Beginner and advanced Elliott Wave guides

What is a zigzag?

3 Elliott Wave flat patterns and how to trade them.

---Written by Jeremy Wagner, CEWA-M

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

Looking for methods to improve your trading, check out this guide on Traits of Successful Traders guide.

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.