Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Gold Retracing

Gold Retracing | 28 April 2017

Gold Weekly Review

Gold Retracing

Wave Analysis:
 
During the previous week, Gold markets moved slightly to the upper side but could not close above the resistance line 1294.07. We're waiting for a clear break above this resistance line to confirm a continuation of the impulsive wave (c) towards 1396.94. As long as this line protects any invasion to the upper side, we remain flat expect a possible pullback towards 1258.59 to pick low risk buy opportunities towards 1396.94. This commodity should be traded alongside Silver this two commodities have a strong positive correlation of up to +78% and will move in the same direction during this intraday.

Trade Recommendations:

Wait for minor pullbacks towards 1258.59 to go long with an ideal target at 1396.94.

SP500 Weekly Review

Gold Retracing

Wave Analysis:
 
Earlier the previous week, the corrective wave (2) continued to consolidate on the higher ranges but is still contained below 2363.3. We expect the bearish candle seen on Friday the previous week to have marked an onset of the impulsive wave (3) towards 2289.4 or even lower. This view can only be invalidate in an event that the price rise above 2361.1, if this is the case, then we'll wait for a break above 2379.3 to confirm the continuation of this rally towards 2400. Expect a similar wave count CADJPY and USDJPY. These items will have a similar price action during this intraday.

Trade Recommendations:
 
Expect a possible bearish price movements towards 2400.
Brent Weekly Review
Gold Retracing
Wave Analysis:

As previously anticipated, the impulsive wave (a) traded massively to the lower side and even hit our first take profit at 52.17. We're waiting for minor bullish corrections towards 53.21 to sell the last motive wave (c) towards 47.47 or even lower. This view can only rendered futile in case the corrective wave (b) rise above 53.21, should this be the case, then we'll wait for a rise above 54.08 to confirm a continuation of an upward rally towards 57.26. This commodity should be traded alongside Canadian pairs.

Trade Recommendations:

Wait for minor pullbacks towards 53.21 to go short with an ideal target at 47.47

 

FreshForex cancels commissions!

Bob Stan
Agree with the review?
Traders' opinion:


Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

Trustpilot
FreshForex is a brand that provides access to online trading for clients from more than 200 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus