Gold Prices Sport a Bearish Pattern explained by professional Forex trading experts the “Gold Prices Sport a Bearish Pattern” FX trading team.
Gold Prices Sport a Bearish Pattern
Until today, Gold prices have quietly rallied. We think this may set up a larger correction. Learn the patterns we are following along with key levels to watch.
The video above is a recording of a US Opening Bell webinar from November 20, 2017.
In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include Gold, EUR/USD, GBP/USD, USD/JPY, NZD/USD, USD/CAD, EUR/JPY and GBP/JPY.
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Gold prices started the day in selling mode. Based on the Elliott Wave pattern we are following, gold prices are near an area that a larger pivot lower is possible. Gold has been in a sideways consolidation since early October and it appears this sideways consolidation is nearing a bearish pivot zone. A break down below the October 2017 low would likely lead to additional losses. We have been anticipating a bearish reversal that forecasts a drop down to $1216 and possibly lower. So long as gold prices remain below $1306, we ought to respect the potential for a deeper move down towards $1216.
EUR/USD has been trading in volatile form lately. We believe that the wave four correction ended in early November at 1.1553. As a result, EUR/USD is moving higher in a wave five to retest 1.20. It appears as though we started with an impulsive move higher from Nov 7 to Nov 15. We think this impulse has an extended 5th wave at smaller degree of trend. Therefore, it is higher probability we will see a large portion of that extended fifth wave retraced. We will anticipate EUR/USD to fall back towards 1.1650-1.1675. In this price zone, we will look for symptoms of a bullish reversal higher.
Gold Prices Sport a Bearish Pattern Conclusion
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