empty
 
 
06.05.2014 10:48 AM
Gold technical analysis for May 6, 2014

Gold price has made a new short-term higher high yesterday above $1,315 and looks strong enough to move higher. Gold price mostly consolidated yesterday forming a bullish flag pattern. Price is above the short-term resistance levels and above the Ichimoku cloud in the 4hour chart.

This image is no longer relevant

Short-term trend is up. As long as gold price remains above $1,308, we should expect the pattern to make an upward break out towards $1,330. If support at $1,308 is broken, we should anticipate gold price to pull back towards the Ichimoku cloud at $1,295.

This image is no longer relevant

Gold price held above $1,275 on a daily close, and as we mentioned in previous posts, if this happened, we should expect Gold price to challenge $1,331 highs. In the chart above I show my most probable wave count. I believe we are inside wave C and we have lots of room for an upward move towards $1,350-60. As long as we do not see an intraday break of $1,268 or a daily close below $1,275, bulls should feel safe.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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