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Gold price crashed to new lows on Friday and even today closer to our $1,200-$1,180 target area after breaking below $1,250-40. We are in wave 2 down for Gold and this is not the time to be bearish. I expect Gold price to reverse to the upside once wave 2 down is complete.

Exchange Rates 14.11.2016 analysis

Black lines - bearish channel

Gold price is trading inside a bearish short-term channel. Oscillators are oversold and diverging. A bounce at least towards $1,240 should be expected. Important resistance is now at $1,280. A break above it will open the way for a re-test of the highs.

Exchange Rates 14.11.2016 analysis

Green line - long-term resistance trend line

Gold price completed wave B at the green trend line resistance and then we said that a rejection would imply this was wave B and wave C towards the Ichimoku cloud and close to the 61.8% Fibonacci retracement would follow. We are currently in wave 2 down as long as price is above $1,045. This is my long-term bullish scenario as I believe a long-term reversal has occurred at $1,045. Price has touched the Ichimoku cloud but could very well reach even the 61.8% Fibo.

*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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