empty
 
 
17.04.2014 11:09 AM
Gold technical analysis for April 17, 2014

Gold price has managed to reach $1,305 where the 38% Fibonacci retracement of the decline from $1,331 is found. This is important short-term resistance. Gold price has only moved sideways for the last couple of days and a bearish flag we can say has been formed.

This image is no longer relevant

The Ichimoku cloud in the 4-hour chart remains above the price. Gold bulls will need to break above $1,305 in order to challenge $1,315-20 resistance. This will also increase chances of reaching $1,340-50 which is our wave C target. Support is found at $1,280-75. Breaking below this support will most probably push Gold price much lower towards $1,250-$1,200.

This image is no longer relevant

Gold price is inside the daily Ichimoku cloud and this makes the trend neutral. Breaking below $1,275-70 will make the trend bearish again and will open the way towards $1,200. I feel it is more probable that the decline from $1,331 is wave B and I expect final upward wave C towards $1,340-50 to unfold until the end of the month. This scenario is canceled if the price breaks below support. Long-term view remains bearish towards new lows near $1,100.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback