Since our previous analysis, gold has been trading sideways at the price fo $1,187.20. Using the market profile analysis, I found a point of control at the price of $1,186.30. Anyway, I found the upward trend line and the price broke it, which is a sign of weakness. Watch for selling opportunities. The first downward […]

Wave summary: We are still looking for a firm break above the minor resistance line near 1.5090 to confirm the next rally higher to the ending diagonal resistance line near 1.5365 and above here. Such developments will call for a continuation higher to 1.5730 and above. As long as the minor resistance line is able […]

Wave summary Red wave iii most likely peaked with the test of 120.16. A correction towards at least 118.64 and likely even closer to 117.69 should now be expected in red wave iv before red wave v takes over for the next rally higher towards 122.00. Short term, a break below 119.15 confirms that red […]

Gold price made a new low earlier this morning only to reach closer towards the long-term 61.8% Fibonacci retracement of the entire rise. Price is now bouncing and testing short-term resistance. Gold short-term trend remains in a bearish trend as long as price is below $1,195. Black line -short-term resistance Gold price is testing resistance. […]

Overview The gold price confirmed a break of the 1,211.31 level after closing the daily candlestick below it, which puts the price under negative pressure that we expect to dominate the upcoming trading. The downward target represents testing of the 61.8% Fibonacci correction level that forms key support at 1,172.68. Therefore, the bearish bias is […]

Overview The silver price ended yesterday’s trading below 16.56 levels falling under negative pressure that opens the way to the 15.49 area in the upcoming sessions. As we mentioned in our last technical update, the intraday trend has turned downwards now. Therefore, we are waiting for more negative trades for today unless the price manages […]

Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,180.17 in a high volume. Using the market profile analysis, I found the fairest price today at the level of $1,186.30. Besides, I found a trading range between the price of $1,180.00 (support) and the price […]

Gold price broke through the $1,200 support yesterday and declined towards $1,180-$1,170 as expected. We are now at the final stages of the decline in gold prices as this will mark a similar low of high importance as the $1,045 low. Green line – support Blue lines – wedge Gold price has reached the $1,180 […]

Wave summary: We have seen the expected test of 1.4985 (the low was seen at 1.4980). We are now looking for a clear break above the minor resistance line near 1.5105 and more importantly a break above resistance at 1.5168. The next strong rally higher to 1.5380 and above will finally confirm that the long-term […]

Wave summary: EUR/JPY is finally accelerating higher, having broken above resistance at 118.60. The pair is now testing the next target near 119.42. The rally from 113.70 is becoming a bit extended now, but only a break below minor support at 118.46 will indicate that red wave iii is complete and red wave iv is […]

Overview The gold price has been hovering around $1,211.31 levels since yesterday, while stochastic keeps providing positive signals on the four-hour time frame, which is likely to make the price resume the expected bullish bias in the upcoming period. Bullish targets begin by surpassing the $1,225.85 barrier opening the way to $1,249.94 as the first […]

Overview The silver price tested the key support at $16.56 and held above it, thus keeping the bullish trend scenario valid until now. The count is also supported by stochastic positivity shown on intraday time frames. The price is likely to head towards $17.43 initially. The mark of $16.56 represents the 61.8% Fibonacci correction level […]

Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,209.86 in a high volume. Using the market profile analysis, I found a strong point of control from 2 days ago at the price of $1,214.00. The price made resistance cluster today near this level; and […]

Wave summary: EUR/NZD continue to work its way lower towards 1.4985. From here or upon a direct break above resistance at 1.5168 a new impulsive rally towards 1.5618 is expected. A firm break above 1.5078 will be the first indication that the corrective decline from 1.5266 is complete and the new impulsive rally is unfolding. […]

Wave summary: The 118.59 target remains in focus. After a minor correction, more upside towards 122 will be expected. Only a direct break below minor support at 117.36 indicates that red wave iii is already in place and red wave iv towards 116.62 is developing. The rally from 113.70 is loosing upside momentum and a […]

Gold price continues to trade sideways around the $1,220-$1,210 area where the 50% Fibonacci retracement of the entire rise from $1,045 is found. Gold price has not given any confirmation of a trend reversal, so a trend remains bearish and price is in danger of breaking below $1,200. My longer-term view remains bullish Gold. Blue […]

Overview Gold has been trading in a tight range since morning keeping its stability above 1,211.31. As long as the price holds above this level and above 1,200.00, our bullish trend expectations remain valid and active for today. The first target level to be tested lies at 1,249.94. Breaching this level will extend gains to […]

Overview Silver price opens today’s trading with clear bullish bias after failing to break the 16.56 level in the past days, This failure hints the strength of the mentioned level that represents 61.8% Fibonacci correction level. The rise measured from 13.75 to 21.22 provides positive chances to target the 17.43 level initially in the upcoming […]

Since our previous analysis, gold has been trading sideways next to the price of $1,214.80. Using the market profile analysis, I found a strong multiday point of control near the price of $1,225.00. I also found a potential bearish flag formation, which is a sign of weakness. Watch for a potential breakout of the upward […]

The gold price is reversing higher from the 50% Fibonacci retracement. The price is making higher highs and higher lows in the short term increasing the chances of a bigger reversal. I remain longer-term bullish on gold, but the possibility of an important low to be seen below $1,200 is still alive. Short-term support is […]

Wave summary: The correction from 1.5266 has extended lower to just below the 61.8% corrective target at 1.4985. This correction is likely be over soon, and the next impulsive rally higher towards 1.5618 at least can start. The first sign that the correction is complete will be seen upon a break above the minor resistance […]

Wave summary: I’m still looking for a rally towards 118.59 and later 122.00 as the next major upside targets. In the short term, I expect minor support at 117.39 will be able to protect the downside for a break above minor resistance at 118.01 and push the price higher to 118.59. Once the 118.59 target […]

Euro Price Action Post-Election: “We Expected That” Our Currency Strategist Outlines His Long-term View of the Euro By Elliott Wave International [Editor’s note: The text version of this interview is below.] ********* Alexandra Lienhard: I’m Alexandra Lienhard for ElliottWaveTV, and today I’ve snuck into Jim Martens’ office. Jim is Elliott Wave International’s Senior Currency Strategist […]

EUR/NZD – Daily EUR/NZD – 4 Hourly Wave summary: We continue to look for a break above minor resistance at 1.5200 to provide upside acceleration towards 1.5516 and above. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a return to the origin of the ending diagonal at 1.5839 […]

EUR/JPY – Daily EUR/JPY – 8 Hourly Wave summary: We have finally seen the expected break above 117.49 confirming more upside towards 118.59 at the next target. Later, more upside towards 122.00 is expected. Short-term, we should ideally see the former resistance at 117.49 should ideally protect the downside for the continuation higher to 118.59. […]