28.05.201211:03 Forex Analysis & Reviews: GOLD Intraday Technical Analysis

Long-term review

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Technical summary:

The strong rally in wave iii higher towards at least 1.4983 and maybe even 1.5180 has developed nicely. In the short term, we are looking for a minor correction towards 1.4758 before the next rally higher to 1.4983 in wave iii. Even if the correction from 1.4895 proves larger than expected, it should just be a matter of time before the impulsive rally to above 1.4895 is seen.

Trading recommendations:

We are long EUR from 1.4645 and will keep our stop at 1.4745, but will move our stop higher to 10 pips below the most recent low if the top at 1.4895 is broken. If you are not long EUR yet, then buy near 1.4895 with the same stop at 1.4745.

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