FX.co ★ Gold Elliott wave analysis for September 24, 2013

Gold did not made much improvement towards any direction yesterday. The sideways move has kept the precious metal between the 1,315-28 range. It is very possible that this correction will end with another leg down towards 1,300. Important support is found at 1,291 and 1,272. We are neutral with a small upward bias. If prices break above 1,333 resistance we will enter long targeting 1,400.

The hourly chart shows that the decline has paused between the 76.4% and 61.8% retracement. This is an important support level relative to the upward move from 1,291 to 1,375. We expect the prices to move upwards soon and start a new upward move towards 1,400.

The daily chart above shows that prices are supported near the 1,280-1,300 area. This support if held, we should anticipate another upward move towards 1,400. So we remain sightly bullish as long as the prices stay above support.