Gold price is turning lower as we predicted in our previous analysis. Gold price is expected to test short-term support at $1,215-20 area. I believe another important low could form at that price area before the resumption of the uptrend. The longer-term trend I believe remains bullish.
Blue rectangle – support
Gold price is turning lower from overbought short-term levels. Price is expected to move towards the 38% and 50% Fibonacci retracement area where we also find the 4-hour cloud support. I expect this support to hold and produce the next leg up towards $1,280-$1,300.
Gold is turning from the daily kijun-sen resistance. Price should find support at the cloud at $1,217. Bulls need to see a higher low being formed and then
a breakout above the recent highs at $1,237. This will be a confirmation of the next upward move starting.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is turning lower as we predicted in our previous analysis. Gold price is expected to test short-term support at $1,215-20 area. I believe another important low could form at that price area before the resumption of the uptrend. The longer-term trend I believe remains bullish.
Blue rectangle – support
Gold price is turning lower from overbought short-term levels. Price is expected to move towards the 38% and 50% Fibonacci retracement area where we also find the 4-hour cloud support. I expect this support to hold and produce the next leg up towards $1,280-$1,300.
Gold is turning from the daily kijun-sen resistance. Price should find support at the cloud at $1,217. Bulls need to see a higher low being formed and then
a breakout above the recent highs at $1,237. This will be a confirmation of the next upward move starting.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: