empty
 
 
04.09.2012 02:39 PM
GOLD Wave Analysis for September 4 - 2012

This image is no longer relevant

GOLD Elliott Wave
For the last few weeks gold was trading in a strong upward move, developing impulsive (3) wave (coloured green) of the bigger (3) wave (coloured orange). Yesterday during the Asian and European session we could observe the price trading in a sideways move developing final 5 wave (coloured blue) of the bigger (3) wave (coloured green). Therefore, during the New York session this commodity started pushing higher and the price reached 1694.35 level. At the moment gold is trading around 1689.40 level and we are expecting to see the price lower today. In accordance with our wave rules and taking into account that the wave 4 retraces 100% of the wave 2, we can define the potential targets with measuring wave 2, with Take Profit at 1663.00 (100% of wave 2). To reduce the risk, we can use resistance at 1696.45 level as Stop Loss.
Support and Resistance
(S3) 1678.1 (S2) 1682.8 (S1) 1688.9 (PP) 1693.6 (R1) 1699.7 (R2) 1704.4 (R3) 1710.5
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1688.60 with Stop Loss 1696.45 and Take Profit at 1663.00 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback