empty
 
 
07.07.2014 11:05 AM
Gold Technical analysis for July 7, 2014

The gold price has made a double top at $1,1330-$1,334 and is pulling back down below $1,320 again. The gold price is making lower highs and lower lows in the short run. It is testing the upward sloping interrmediate-term trend line as shown in the chart below. The price is also entering the Ichimoku cloud and this means that bulls are losing momentum while bears are getting stronger.

This image is no longer relevant

Support is found between $1,300-$1,290. Breaking below that level will increase the chances that the upward move from $1,240 is complete. So, is the wave E of the triangle pattern I've been talking for so long. The gold price has short-term support at $1,310. If broken, I expect the gold price to test $1,290. Short-term resistance is found at $1,323. If broken, we will then anticipate a move to challenge $1,334 highs.

This image is no longer relevant

Nothing has changed our preferred longer-term bearish view. Wave E could very well be complete. If not, we will get a buy signal when the price breaks above $1,334 targeting $1,350-60. With the current price setup, I feel that we might have already completed the upward move from $1,240 and we are heading lower towards $1,260. Breaking below $1,250-40 will confirm that wave E is complete.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $10000 más!
    ¡En Enero, sorteamos $10000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback