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18.08.2014 11:20 AM
Gold Wave analysis for August 18, 2014

Gold price has most probably completed the much anticipated pull back towards the 61.8% retracement I was expecting. Wave c has most probably been completed, so now I expect an upward reversal. Price is now expected to push higher towards $1,350 at least.

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Gold price has completed three waves down from $1,322 where the 5 wave pattern ended. Gold price has reached my 61.8% retracement target. It should now reverse upwards above the Ichimoku cloud at $1,314. This will be the first bullish sign that an important low is hit. The decline is clearly corrective and there are increased chances of seeing Gold price move higher again.

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The daily chart shows that Gold price has re-entered inside the Ichimoku cloud but still holds above the lower end of the cloud. Price is expected to rise from the current levels towards my medium-term target of $1,350.

Alexandros Yfantis,
Especialista em análise na InstaForex
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Alexandros Yfantis
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