General overview for 13/04/2017:
The upward move in Gold might have to start to show some signs of exhaustion soon as the wave (a) of the main count has just hit 78%Fibo at the level of $1292. Nevertheless, after the (b) be will unfold and hit the technical support at the level of $1265, then the wave (c) should unfold to the upside, targeting the level of $1337. Please notice, that the wave (c) will enter the great supply zone marked as gray rectangle between the levels of $1279 – 13337, so if this zone is clearly violated on the weekly or monthly time frame (candle close above this zone), then the next target might be at the level of $1432.
1392 – 1432 – Weekly Supply Zone
1377 – Wave A Top
1337 – Wave (c) target Projection
1292 – 78%Fibo
1265 – Technical Support
1279 – 1334 – Supply Zone
1195 – Technical Support
The current Elliott wave progression should keep unfolding upward in the coming days, albeit a small corrective wave to test the technical support at the level of $1265. No signs of trend reversal yet, bulls are in full control of the market*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.