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Elliott Wave: Spot gold forecast 28 April 2017

When using Elliott Wave theory analysis for the spot gold chart (H4), I suppose that the uptrend from the middle of last December to the top near the psychological level $1300 has developed into a Zigzag (ZZ) wave model. Then, I expect the gold market will follow a downtrend in short term and intermediate term.

Within the next trading days, the gold price may test $1256 (23.6% Fibonacci retracement level for the uptrend from A to B in the wave model. After that, the gold price will bounce to $1280 before falling down again.

The target of  wave i is $1144 (88.6% Fibonacci retracement).

Short term Trading Advice: Sell around $1280, Stoploss at $1290, Take profit at $1165.

In terms of fundamental aspect, at the moment, the gold price is holding steady due to concerns on global geopolitical tensions while investors are eyeing the release of U.S. economic reports later in the day. However, market sentiment on a continuing uptrend for the gold market has weakened after U.S. President Donald Trump said he will either renegotiate or terminate a "horrible" trade deal with South Korea. The comments came shortly after Trump said that there is a chance the U.S. could have ‘a major conflict with North Korea.’

Note: the release of reports on U.S. first-quarter growth and consumer sentiment, due later Friday

By Jack Huyn

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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