News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?https://t.co/jlhcFhH4sI https://t.co/zIrEjxqymJ
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? https://t.co/ViTMl19TW3 #Elections2020 https://t.co/methLCaBho
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/b9XwwYS9uJ https://t.co/8OIZVJnaD6
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/31/Euro-Technical-Outlook-EURUSD-Breakdown-Aims-For-Multi-month-Lows.html?QPID=30472&CHID=9 https://t.co/iVhmCXi9EG
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank. https://www.dailyfx.com/forex/video/daily_news_report/2020/10/31/SP-500-and-Dollar-Forecast-Leads-Global-Markets-with-Elections-Expectations-.html https://t.co/JnJbyu6TRT
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
Elliott Wave Analysis: Gold’s Weekly Reversal Signals More Trouble

Elliott Wave Analysis: Gold’s Weekly Reversal Signals More Trouble

2020-01-13 23:47:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Gold’s technical analysis shows last week’s rally pivoted near an important level. The bearish price action since hints at more losses for gold.

The video above is a recording of a US Opening Bell webinar from January 13, 2020. In this session, we covered the Elliott wave patterns for markets such as gold, silver, DXY, EUR/USD, GBP/USD, and USD/JPY.

Gold’s price reversal may be the beginning steps of larger correction

In last week’s webinar, we highlighted how the new highs in gold may be short lived. Gold prices may a large weekly reversal candle last week on the heels of the forecast. Reviewing an intraday gold price chart shows an Elliott wave impulse carving from the January 7 highs. This pattern suggests we may see a partial retracement higher that holds below $1611 followed by another sell-off that may carry to below $1500. Perhaps $1567-$1584 contains the corrective rally.

Starts in:
Live now:
Nov 02
( 03:11 GMT )
Recommended by Jeremy Wagner, CEWA-M
Cross-Market Weekly Outlook
Register for webinar
Join now
Webinar has ended

You might be interested in…

Top gold trading strategies and tips

gold intraday chart with elliott wave labels included for a bearish forecast.

EUR/USD Elliott Wave Analysis: Reversal Zone

Around the 1.1100 price level on EURUSD is a cluster of wave relationships. EURUSD price bounced higher from a low at 1.1091 on January 10. The subsequent rally has briefly broken the blue resistance trend line. This is a subtle indication the mood of the market may be changing from lower to higher.

The current Elliott wave count I am following is that EURUSD would accelerate higher in an extended wave iii. If this forecast holds, then EURUSD may rally up to 1.15 and possibly 1.18 with even higher levels possible according to Elliott Wave Theory.

Higher prices are still in view with EURUSD while holding above 1.0880 longer-term.

Elliot Wave for Advanced Users
Elliot Wave for Advanced Users
Recommended by Jeremy Wagner, CEWA-M
Learn about Elliott Wave patterns like extended waves
Get My Guide
EURUSD elliott wave chart showing the potential for strong rally in wave 3.

GBPUSD may revisit 1.29 prior to staging another rally

Cable appears to be retreating lower in corrective fashion. The sell-off since December 2019 is taking the shape of an a-b-c Elliott wave zigzag pattern. According to this pattern, the higher probability move is a retest to 1.25-1.29 prior to another rally that likely exceeds 1.35. The height and Elliott wave structure of the ensuing rally helps us determine if the rally is terminal and simply a small bounce or the beginning stages of a multi-year bull run.

gbpusd elliott wave forecast for dip to 1.25-1.29 prior to another strong rally.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Learn more on Elliott wave including the rules and guidelines by grabbing these beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

Follow Jeremy on Twitter at @JWagnerFXTrader .

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

DISCLOSURES