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20 Jan Technical Analysis GOLD CFD Trading Strategies

US Gold CFD: 1650
Technical Analysis
TradingLevels: The resistances at Subgroup2 SG2 1665|1672|1680 are in place while the price retests the MediumLevel support 1650, I would expect the MediumLevel to be broken as part of a larger corrective pattern to unfold as the trend up from 1520 hasn’t been corrected, how far down will the correction come, the 50% retracement level is 1600 and there are supports in SG1 1610|1620|1630 so there is reasonable support to hold the price steady, we should consider 1630 and 1620, if the price does get to here we can look at the structure of the pattern and work out what’s next, simply by seeing if the first leg down is five or three waves. So yes a top is in place and now we need to see if the pattern down is going to be impulsive or corrective.
You can only short if the 1650 is retested and locked in as the resistance, with the view of adding to short further down , say under 1640 and exit at 1630 if 1620 becomes the resistance, then work the trade lower from their, we would need to see the US Dollar move up from its current five waves down, it should move up in three waves and abc correction and therefore Gold should move down in an abc correction
Elliott wave: An abc correction down to 1600? We need to see more of the structure if it does find 1650 as the retested resistance
Silver: The 30 support will be tested and probably broken, as gold didn’t move up enough to find support on 1672 so now a corrective pattern is unfolding down. Do hold long trades if the price moves under 30.00

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