Webinar: Gold Price Pattern Still Bearish Yet Silver Prices Sport Cleaner Pattern
The video above is a recording of a US Opening Bell webinar from November 27, 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, Silver, EUR/USD, GBP/USD, EUR/GBP, USD/JPY, NZD/USD, USD/CAD, and AUD/USD.
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Gold prices have slowly worked their way higher. We think this is an upward correction of a larger down trend. If gold prices break above $1306, we think it would be temporary with a bearish reversal starting from nearby levels. 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. We are respecting the potential for a resumption of the down trend towards $1216.
We discussed the silver price chart today as well. The Elliott Wave pattern for silver prices is cleaner and appears to be in a ‘B’ wave triangle. The triangle may be nearing an end within the next couple of days. A break of $16.90 would build the case that the triangle pattern is over. Downside targets using wave relationships appear at $16.00 and $15.30.
EUR/USD has continued to rise. 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 and possibly 1.22. EUR/USD has been rising in impulsive fashion and correction in three waves. Therefore, it is higher probability we will see a large portion of this wave retraced. We will anticipate EUR/USD to fall back towards 1.18 and possibly as low as 1.17. In these price zones, we will look for symptoms of a bullish reversal higher.
Here are some Elliott Wave resources shared on the webinar.
---Written by Jeremy Wagner, CEWA-M
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