Forex Signals

Gold – Watch this Bearish Elliott Wave Setup


The yellow metal runs in the fifth wave of Minuette degree labeled in blue, which belongs to a wave ((c)) of Minute degree identified in black.

The Elliott wave structure suggests that the precious metal could end its upward sequence soon. The thrust of the upper line of the ascending channel observed in the fifth wave should confirm the ending movement.

We foresee an upward movement until $1,648 level, from where the price could start a corrective move to $1,601.58 per ounce as a profit target level. The bearish scenario will be invalid if the price soars above $1,673.62 per ounce.


Trading Plan Summary

  • Entry Level: $1,648.23
  • Protective Stop: $1,673.62
  • Profit Target: $1,601.58
  • Risk/Reward Ratio: 1.8
  • Position Size: 0.01 lot per $1,000 in account.

By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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