The global trend instrument over the past 6 years moves the price of gold down. Since the end of 2015, the market situation has begun to change. But the wave analysis indicates a corrective nature of the ascent. The decline, which began a year ago, gave rise to a new descending zigzag. The current bullish trend has a corrective nature and is limited in size of the price rise. The June local price is located near the lower boundary of the settlement completion zone.

The rising wave of July 7 sets the direction of the inter-trend of the instrument. The quotations of metal prop up the lower edge of the potential reversal zone.

In the coming sessions, a downward rollback is expected. Next, you need to wait for the turn and the beginning of the price growth. The upper limit of the resistance zone is a critical level, the breakthrough of which will change the expected scenario of the reversal.

Boundaries of the resistance zone:

- 1275.0 / 1280.0

Boundaries of the support zone:

- 1255.0 / 1250.0

Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.

The zones marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.

Note: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a transaction, you need to confirm the signals used by your trading systems.