GOLD moved lower as expected, but because of a very sharp and aggressive sell-off we reworked the wave count. We are now tracking a three wave A)-B)-C) Elliott wave pattern from 1795 swing with wave C) underway, which appears incomplete as we need five waves down from 1696. As such, Elliott traders must be aware of more weakness in this week as current recovery could be a black wave 4 that will look for a tip around 1595-1605. Market remains in bearish mode as long as 1651 resistance is not breached. Under this bearish scenario prices could hit 1525/30 level where red wave C) equals to wave A) measured from wave B) high.
Gold Chart - Elliott Wave Analysis http://bit.ly/YtsGAR
USDCHF Technical Analysis - Sell at 0.9955
USDCHF made a nice bull move from 0.9716 to 0.9990. Then USDCHF drops from over bought zone. USDCHF is trading below its 20 period MA on 4h ...
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AUD is weak today after unchanged rates decisions from the RBA members; 3.00%. However, there are speculations for further easing and poss... -
Pivot: 0.79. Our preference: LONG positions above 0.794 with 0.7975 & 0.7985 in sight. Alternative scenario: The downside penetration...
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Pivot: 0.825 Our preference: Short positions below 0.825 with targets @ 0.82 7 0.8175 in extension. Alternative scenario: Above 0.825 lo...