Yesterday some commodities fell sharply, and gold was no expectation. We have seen a very powerful bearish move away from 1330 that has unfolded in five legs so we think that this market will go even lower, but after a three wave bounce. We see nice resistance zone for wave c at 1310-1315.
GOLD 1h Elliott Wave Analysis…
Added by Gregor Horvat on April 16, 2014 at 9:44am — No Comments
The strength in this market shows that AUD is bullish across the board. Price pushed above 94.00 key resistance last week and we will be looking out for a price action buy signal after a retracement next week.
This pair finally exploded…Continue
Added by Lewis Barber on March 30, 2014 at 8:57pm — No Comments
The GBP/USD is sitting right below key resistance now and we would not be surprised to see a price action false-break occur here tomorrow / Friday so watch this space...
The Gold market kept…Continue
Added by Lewis Barber on March 26, 2014 at 10:00pm — No Comments
Despite the NFP announcement on Friday the GBP/USD has remained supported by the 8-day EMA. This market is still in an uptrend and so the most likely scenario next week is a resumption of the buying pressure and a retest of resistance at 1.6800. If the market closes above 1.6800 early next week this could open the flood gates to significantly higher prices in this market.…Continue
Price is currently sitting right above key support at 1.6600 and we will be watching out for a bullish price action false-break early next week. If price closes below 1.6600 early next week we could see a move back to 1.6300 - either scenario seems equally likely right…Continue
Added by Lewis Barber on February 23, 2014 at 10:28pm — No Comments
Gold is currently ranging between weekly demand upline to monthly supply downline on MN Chart and heading up to 1324.09.Which is almost 23% monthly retracement. so currently price is entering to the monthly fresh supply area if it breaks then we have next targets at 1351.76 fresh daily supply downline and then 1364.60 daily supply upline if breaks next target would be at another daily fresh supply zone at 1264.44 and 1274.58. On weekly the price is in uptrend and making…Continue
Added by Saud Shah on February 16, 2014 at 8:30pm — No Comments
The pin bar we discussed in our market commentary on Thursday did push lower yesterday but the losses were short lived as the market exploded higher by nearly 100 points today. This has produce a higher low which is a classic sign of a bullish market and we now see potential for this market to retest key resistance up near 1.3800.…Continue
Added by Lewis Barber on February 13, 2014 at 10:56pm — No Comments
Ralph Waldo Emerson (an American essayist, lecturer, and poet) once said: “The desire of gold is not for gold. It is for the means of freedom and benefit.” More I read these lines more I believe that Mr Emerson was a trader not an essayist :). Still, he is right about the gold: the yellow metal is not like any other commodity. Investors are not selling gold every time China is showing worse than expected manufacturing data as they are doing with copper for example but also they are not…Continue
The huge sell-off triggered by the bearish pin bar that we discussed in Tuesday's trading commentary continued into the end of last week. From here we will wait for a retracement back to the daily mean before looking for price action sell signals to rejoin the selling in this market. Price…Continue
Gold and silver continued to slowly recover during last week following their tumble in December. The current low volatility in the bullion market might continue until the next FOMC meeting at the end of January will take place. This meeting might stir up the precious metals market again. In the meantime, several reports came out last week and showed the U.S economy is slowly recovering: …Continue
Added by Lior Cohen on January 20, 2014 at 9:17am — No Comments
This market seems to have established support down near 1.6300 and looks range-bound for the foreseeable future. We will wait for a push back to the top of the range and look for price action sell signals on the daily timeframe.…Continue
Added by Lewis Barber on January 19, 2014 at 5:19pm — No Comments
Added by Greenwhale on January 13, 2014 at 11:47am — No Comments