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31.10.201313:46 Forex Analysis & Reviews: Gold Elliott wave analysis for October 31, 2013

Long-term review
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Gold did not manage to break above its previous high and made a double top and reversal confirming our bearish view. Prices initially broke below the 1,353 pivot support and then failed to hold the support levels at 1,346 and 1,338.

Exchange Rates 31.10.2013 analysis

Prices are heading towards the 1,318 price level, where the 38% Fibonacci retracement is. Prices are making lower lows and lower highs confirming bearish trend. We remain bearish with the 1,318 first target. Below that, I see 1,300-1,290.

Exchange Rates 31.10.2013 analysis

Gold is forming the right hand shoulder in the daily chart. Prices are going to test the MA support at 1,318-20. Important support level for bulls in the daily chart is the 1,250-60 area. If this support is broken, expect prices to move towards 1,140. For now, we remain bearish with 1,360 as a stop.

Alexandros Yfantis
Analytical expert of InstaForex
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