empty
 
 
04.05.2016 08:54 AM
Technical analysis of Gold for May 04, 2016

This image is no longer relevant

Technical outlook and chart setups:

Gold is seen to be trading lower for the day at $1,280.00/81.00 levels, looking to rally one last time through $1,307.00/10.00 levels before reversing lower. The metal might be into its wave 4 corrective drop as depicted on the chart here, before pushing higher into the wave 5 rally. Also note that $1,307.00 is a major resistance on the weekly chart, being targeted by bulls before producing a meaningful retracement lower. Structurally, the metal might just have formed a bottom or might drop to $1,275.00 levels to form a base. It is recommended to remain flat for now and wait for a bullish reversal to turn long for a short-term rally. Immediate resistance is seen at $1,303.00 levels while support is at $1,275.00 levels respectively.

Trading recommendations:

Remain flat for now, looking to go long on a bullish reversal.

Good luck!

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