GOLD Wave Analysis for September 7, 2012
2012-09-07 14:45:35 (читать в оригинале)
.png)
GOLD Elliott Wave
Since our last analysis gold was trading in an upward move developing last 5 wave (coloured blue) of the bigger wave (3) (coloured green). Yesterday during the Asian and European sessions we could observe an ascending move from 1690.80 towards the 1712.70 level and we can consider this move as the end of the (3) wave (coloured green). Therefore, during the early New York session this commodity started pushing lower and the price reached 1696.45 level when the development of the corrective A wave (coloured blue) started. At the moment gold is trading around 1695.80 level and we are expecting to see the price around 1668.85 soon. In accordance with our wave rules and taking into account that the wave 4 should retrace 100% of the wave 2, we can define the potential targets with measuring 2 wave, with Take Profit at 1668.85 (100% of wave 2). To reduce the risk, we can use invalidation at 1714.10 as Stop Loss level. Also it is necessary to monitor the U.S. Non-Farm Employment Change, Unemployment Rate and Average Hourly Earnings m/m data that can change the rate of the pair.
Support and Resistance
(S3) 1669.3 (S2) 1681.5 (S1) 1692.5 (PP) 1704.7 (R1) 1715.7 (R2) 1727.9 (R3) 1738.9
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1693.60 with Stop Loss 1714.10 and Take Profit at 1668.85 are recommended.
The material has been provided by Instaforex Company - instaforex.com
