Gold Weekly

General overview for 17/10/2014 13:30 CET

It is always a difficult task to correctly count the wave development inside of the triangle but this is as good as it gets: one more wave (v) green to the downside is needed to complete the whole impulsive structure in wave  Y black of the big degree wave 4 blue. As long as the level of 1006 is not broken, a multi year high is still possible to be made on Gold.

Support/Resistance:
1179 – 1183 – Key Support
1198 – WS1
1216 – Weekly Pivot
1248 – WR1
1266 – WR2
1273 – 1280 – Demand Breakthrough Zone

Trading recommendations:
Short positions should be opened from the level of 1266 with SL above the level of 1281 and TP at the level of 1100 min.

About the author

Sebastian Seliga

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

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