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Long-term review

Gold price is moving in a wave 2 right now. Gold price should find support at $1,12 where the 61.8% Fibonacci retracement of a move to $1,157 from $1,100 is seen. A breakout below $1,100 will cancel my bullish scenario.

Exchange Rates 29.09.2015 analysis

Green line - triangle pattern

Red line - projected price move

Gold price is testing the Ichimoku cloud support. The lower cloud boundary is also the 61.8% Fibonacci retracement of wave (1). I expect the price to reverse upwards any time soon. That is why I started buying near $1,137 yesterday. The stop for longs should be placed at the level of $1,100 amid this wave count. I expect the price to reverse strongly upwards.

Exchange Rates 29.09.2015 analysis

The weekly chart shows how the price is testing the tenkan-sen (red indicator) support. I expect it to bounce from this support area towards at least the kijun-sen resistance of $1,150. Gold price could be forming a couple of 1-2 waves before the strong 3rd wave up takes place, so bears should be very cautious.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
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