Webinar: Silver and Gold Downtrends Mature Near Target Zones
The video above is a recording of a US Opening Bell webinar from December 11, 2017.
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Gold prices appear to have embarked on the ‘c’ wave lower of a a-b-c zigzag. We have been anticipating a sell-off of gold towards $1200 for over a month now. There are some smaller wave relationship near current pricing near $1244. However, we think this level eventually breaks with a cluster of targets near $1200-$1215. Any bounce higher may be wave 4 of 5 in the ‘c’ wave.
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. We laid out some targets on November 27 in the US Opening Bell webinar that the equal wave target was near 15.30. Ideally, silver prices would sell off to 15.30 zone prior to a more significant bounce.
We are still bullish EUR/USD so long as prices are above 1.1554. We think this has the potential to retest 1.20. The pattern we are following is that of an ending diagonal. If so, we are still early in the pattern with major news events coming up later this week that could affect EUR/USD.
Here are some Elliott Wave resources shared on the webinar.
---Written by Jeremy Wagner, CEWA-M
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.