Forex Signals

Gold – Watchout the Upward Cycle Completion


Gold, in its 2-hour chart, shows the exhaustion signals of the upward sequence developed by the yellow metal in five waves.

The ascending move belongs to a wave ((c)) of Minute degree labeled in black, and its internal subdivision in five waves looks complete after the price topped at $1,6783.6 per ounce on Monday 06th.


Watching inside of the fifth wave of Minuette degree identified in blue, we observe the five-wave subdivision and the ascending channel in where the price soared above the upper-line. This thrust leads us to foresee the exhaustion of the upward sequence and the potential declines for the following trading sessions.

A bearish position will activate if the price closes below the $1,647.7 per ounce. Our conservative bearish target locates at the end of wave iv of Subminuette degree labeled in green at $1,599.70 per ounce. The invalidation level of our bearish scenario is located at $1,675.7.


Trading Plan Summary


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.

Leave a Reply

Your email address will not be published. Required fields are marked *