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Long-term review

Gold price is showing reversal signs off the $1,290 area and the bottom of the bearish channel. As we were expecting Gold provided a new low below $1,300 and is now rising. Gold price could have already made an important low.

Exchange Rates 22.09.2017 analysis

Red lines - bearish channel

Blue line - expectation

Gold price is bouncing. Price however remains inside the bearish channel and below the kijun-sen and the Kumo (cloud). Resistance is at $1,303 and at $1,317. Breaking above $1,317 will increase dramatically the chances for a full scale reversal and a move towards $1,400.

Exchange Rates 22.09.2017 analysis

Magenta line - resistance

Blue line- long-term support

As we said a couple of months ago, Gold price would reach the resistance line at $1,350 and pull back for a correction before moving higher. This is exactly what is happening now and all we need to see now is a long tailed weekly candle. So this week's close could really signal something bullish for the next weeks. Gold is in a buying area as we mentioned in previous posts. We remain long-term bullish.

*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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