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Thursday, 13 April 2017

Gold XAUUSD Daily Analysis










General overview for 13/04/2017:

The upward move in Gold might have to start to show some signs of exhaustion soon as the wave (a) of the main count has just hit 78%Fibo at the level of $1292. Nevertheless, after the (b) be will unfold and hit the technical support at the level of $1265, then the wave (c) should unfold to the upside, targeting the level of $1337. Please notice, that the wave (c) will enter the great supply zone marked as gray rectangle between the levels of $1279 - 13337, so if this zone is clearly violated on the weekly or monthly time frame (candle close above this zone), then the next target might be at the level of $1432.

Support/Resistance:

1392 - 1432 - Weekly Supply Zone
1377 - Wave A Top
1337 - Wave (c) target Projection
1292 - 78%Fibo
1265 - Technical Support
1279 - 1334 - Supply Zone
1195 - Technical Support

Trading recommendations:

The current Elliott wave progression should keep unfolding upward in the coming days, albeit a small corrective wave to test the technical support at the level of $1265. No signs of trend reversal yet, bulls are in full control of the market*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.



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