empty
 
 
18.09.2015 09:20 AM
Gold wave analysis for September 18, 2015

Gold price sent a bullish signal yesterday after breaking above the resistance at $1,115. It bounced as we had expected towards $1,125-30. Gold price is moving in a bullish uptrend and has most probably completed 5 waves up from its recent lows.

This image is no longer relevant

Black line - resistance (broken)

Gold price has made 5 waves up from its recent lows. I would expect a pullback towards cloud support and the 38% Fibonacci retracement before resuming the uptrend. Recently, I warned traders not to open short positions and yesterday's price action confirmed my expectations.

This image is no longer relevant

The weekly chart is generesing signs of reversal. This week's candle is above the tenkan-sen resistance indicator. In case of this week's close above $1,125, we could see another rally towards the kijun-sen (yellow indicator) next week. There are also increased chances of a move towards $1,200 if $1,150 gets broken.
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 $1000 more!
    In April we raffle $1000 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