empty
 
 
17.07.2014 09:17 AM
Gold Wave analysis for July 17, 2014

The Gold price is making an upward move as we expected in the analysis I posted yesterday. 5 waves down were complete yesterday and as I mentioned in yesterday's analysis, an upward bounce towards the 61.8% retracement is very possible.

This image is no longer relevant

As shown in the 4 hour chart above, we are now heading towards the first important resistance of the 38% retracement where we also find wave 4 of a lesser degree. This is a very common area for retracements. So, I believe the market will certainly see the price over $1,310. Besides, the upward correction could unfold even towards $1,324. The 61.8% retracement is at $1,324 and this is our target. Since this upward move is after a 5 wave decline, we expect another 5 wave decline to follow as soon as this bounce is over.

This image is no longer relevant

The Gold price could have completed wave 4 and is now starting a new downward move that will bring the Gold price towards $1,000. I'm bearish concerning Gold as long as the price is below $1,391. A short-term stop for bearish positions is at $1,346. Our bearish scenario will have more chances of success once we break below $1,285 and $1,240.

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 $1000 más!
    ¡En Junio, sorteamos $1000 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
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 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