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Gold prices are poised to drop to $1,190 in short term


The U.S. Dollar prices jump sharply today as markets responded positively to comments from Fed official. Besides, as political risks in Europe subsides, traders are getting more certain that Fed will hike in June. Indeed, Fed fund futures are now pricing in 87.7% chance of a June hike, comparing with 67.5% a week ago.
Geopolitical tensions come back as North Korea is likely planning another nuclear test, amid speculation that newly discovered man-made islands near the Snohae Satelite Launching Station are being developed as a missile launch site.

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Gold prices are holding a downtrend and the market will be under pressure once there’s a break below $1,215 to target $1,204 at the end of this trading session. In the article “Sell gold in May and go away” posted on May 6, 2017, I stated that my Elliott Wave analysis is inclined to the downside outlook to reach $1,190 then bounce up to $1,230 before following another downtrend. Under present situation, this target will appear within the next five trading days. Gold prices now look vulnerable to more downside movements again, so any breakout over $1,230 seems unlikely.
By Jack Huyn

Disclosure:
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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