Gold wave analysis for March 24, 2014
March 24, 2014 11:00 amVideo
Latest News
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
- GBP/USD: trading plan for the US session on May 24th (analysis of morning deals). Sellers missed 1.2700 May 24, 2024
- EUR/USD: trading plan for the US session on May 24th (analysis of morning deals). The euro is not going to give up May 24, 2024
- EUR/USD. May 24th. The bears are starting to go on the offensive May 24, 2024
- Forecast of GBP/USD pair on May 24, 2024 May 24, 2024
- Trading Signals for EUR/USD for May 24-28, 2024: sell below 1.0864 (200 EMA – 21 SMA) May 24, 2024
- Trading Signals for GOLD (XAU/USD) for May 24-28, 2024: buy above $2,333 (200 EMA – oversold) May 24, 2024
- Weekly Forex Outlook: 24/05/2024 – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – Is the pause in NGAS a warning signal? May 24, 2024
- Technical Analysis – USDCAD eases slightly after bullish rally May 24, 2024
- Week Ahead – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – GBPJPY continues its journey north May 24, 2024
- Video market update for May 24, 2024 May 24, 2024
- Forex forecast 05/24/2024: EUR/USD, GBP/USD, USD/CAD, Gold and Bitcoin from Sebastian Seliga May 24, 2024
- USD/JPY: trading tips for beginners for European session on May 24 May 24, 2024
- GBP/USD: trading tips for beginners for European session on May 24 May 24, 2024
Gold price has reversed from $1,340 and moved towards its lows near $1,320. Gold has short-term support at $1,318-19. If this support holds, we could see an upward move towards $1,340 again and, why not, towards $1,350 near the 38% Fibonacci retracement. The decline in Gold price could also be counted as a 5 wave down move as shown in the chart below, and we currently are in wave B, or wave B has finished and we are about to start wave C up.
However, if a new lower low is made, then the entire wave count from the $1,391 highs changes and the decline will not be impulsive. If a new low is made, then we can say that this downward move is part of a larger correction process that could push price towards $1,280-60. The impulsive wave down scenario is preferred as there is high probability the breakout of the long-term downward sloping trend line as shown in the chart below is just a false breakout.
If this is a false breakout, the downward impuslive move implies a strong reversal from the $1,390 area and that is why prices are falling in an impulsive pattern. As always the form and pattern of the price movement is very important in order to determine if the decline is part of a larger correction that will eventually resume upwards and push Gold price towards $1,500 or if the rise from $1,180 has ended at $1,391, and we are now to resume a big move down to new lows. Concluding, we prefer long positions with $1,318 stop and $1,340 target for today.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: