Gold XAUUSD Daily Analysis

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.

Support/Resistance:


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

Trading recommendations:


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.

★★★★★★★★★★★★★★★★★★★★
IF YOU NEED MORE DETAILED ELLIOTT WAVE COUNTS, 
SIGNALS 
AND
EDUCATIONAL MATERIALS, 
THEN JOIN MY VIP SERVICE!

★★★★★★★★★★★★★★★★★★★★

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

View all posts

Dodaj komentarz

Twój adres email nie zostanie opublikowany. Pola, których wypełnienie jest wymagane, są oznaczone symbolem *