empty
 
 
28.08.2014 10:54 AM
Gold Wave analysis for August 28, 2014

Gold price did not make any much movement yesterday. It remained above short-term support and below resistance. Our view remains bullish as we should see a strong bounce towards $1,350 from the current support levels.

This image is no longer relevant

Gold price has broken out of the green downward sloping channel. It has started making short-term higher highs and higher lows in the area of $1,280-$1,290. Support is at $1,280. Breaking below that level will put $1,270 in danger. Resistance is found at $1,291-94. Breaking above that level will push Gold price towards $1,305-10.

This image is no longer relevant

Our longer-term view is depicted in the daily chart above. We are still inside the big sideways triangle formation and we should see at least one more final upward move towards $1,340-50. Breaking below $1,270 will be a bearish sign for bulls and will open the way for a downward push to $1,200.

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 $9000 more!
    In May we raffle $9000 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