empty
 
 
04.09.2014 10:50 AM
Gold Technical analysis for September 4, 2014

Gold price remains in a down trend but has moved away from its recent lows at $1,262 towards the break point and the previous low at $1,270. More downside is expected after this back test. Gold price is expected to continue lower towards $1,240-50 as long as price is below $1,295.

This image is no longer relevant

Gold price remains below the Ichimoku cloud in the 4 hour chart and below both the short- and long-term red trend lines. Resistance is found at $1,283. Next resistance is at $1,295. Support is at $1,263, if broken it will push price towards $1,250.

This image is no longer relevant

The daily trend remains bearish. Price is below the Ichimoku cloud. Price has broken the long-term trend line support from $1,180 and $1,240. It is now back testing that level of support that was broken. Once the back test is over, I expect more downside pressures.

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