Gold price is pulling back as we expected. We warned that there were overbought signs and that Gold price would need a pull back towards $1,330-$1,320. This pull back could extend towards $1,300, however our longer-term view remains bullish and we see this as a buying opportunity.Show full picture
Black line - trend change level
Gold price is breaking below the 4-hour Kumo support. This implies that more downside should be expected. Gold price could extend the decline lower for an equal leg down similar to the first part of the decline. The target would be at $1,302. However we should also keep an eye on the resistance and trend change level at $1,334. Breaking above it will confirm the pull back is over.Show full picture
On a daily basis the close below the tenkan-sen (red line indicator) implies that the kijun-sen (yellow line indicator) will be tested. Trend remains bullish. Price should continue towards $1,380-$1,400 once the pull back is over. Kijun-sen support is at $1,308.
InstaForex analytical reviews will make you fully aware of market trends!
Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2017
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.