Silver prices have sold off as anticipated from last week. The Elliott Wave patterns appear incomplete to the downside for silver and gold.
The video above is a recording of a US Opening Bell webinar from December 4, 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, Crude Oil, DJIA, EUR/USD, GBP/USD, EUR/GBP, USD/CAD, and AUD/USD.
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We revisited the silver sell off we anticipated in last week’s webinar. The trend to the downside appears incomplete and may sell off further. A bounce to 16.60 is not out of the question and we interpret that bounce to be temporary. Targets lie near 16.00 and 15.30.
Gold prices appear to have finally finished their ‘b’ wave of a downward zigzag. If so, we may see small bounces but we interpret those to be temporary. The $1306 high would hold if the ‘c’ leg of the zigzag unfolds. We may be nearing the end of wave 1 of the 5 wave ‘c’ leg.
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 downtrend towards $1216.
EUR/GBP has fallen as we suspected in our trader’s pick from last week. The EUR/GBP pattern appears incomplete and we can tighten the stop loss a little to remove some of the risk from the table.
Here are some Elliott Wave resources shared on the webinar.
---Written by Jeremy Wagner, CEWA-M
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