Gold technical analysis for April 3, 2014
April 3, 2014 8:30 amVideo
Latest News
- Analysis of GBP/USD pair on May 28, 2024 May 28, 2024
- EUR/USD: What could stop the growth of the euro? A hypothesis May 28, 2024
- Inflation expectations in eurozone downgraded May 28, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 28-30, 2024: sell below $69,000 (21 SMA – 200 EMA) May 28, 2024
- Technical Analysis – EURUSD sets sight on 1.0900 handle May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th (US Session) May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th (US session) May 28, 2024
- GBP/USD: trading plan for the US session on May 28th (analysis of morning deals). The pound hit a new monthly high May 28, 2024
- EUR/USD: trading plan for the US session on May 28th (analysis of morning deals) May 28, 2024
- USD/JPY: trading tips for beginners for European session on May 28 May 28, 2024
- Forex forecast 05/28/2024: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin from Sebastian Seliga May 28, 2024
- EUR/USD. May 28th. The bulls intend to reach the level of 1.1000 May 28, 2024
- Trading plan for EUR/USD on May 28. Simple tips for beginners May 28, 2024
- GBP/USD. May 28th. The pound sees no reason to stop at its current level May 28, 2024
- USD/JPY: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Video market update for May 28, 2024 May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Low volatility across the board besides Bitcoin – Volatility Watch May 28, 2024
- Technical Analysis – EURCHF pulls back from 14-month peak May 28, 2024
Gold price reversed upwards yesterday after breaking above the short-term downward sloping channel that started at $1,345. This might be a short-term upward bounce before a final new low towards $1,250-60. We will be more confident that this upward bounce is the big upward bounce we expect, if prices break above $1,300 and if Gold price makes a higher low than $1,275.
In the 1 hour chart, Gold price has broken above the Ichimoku cloud and now we may see a back test on the Ichimoku cloud and a test of the 38% and 50% retracements. If this pull back makes a higher low and then reverses back up, we will have a short-term trend change confirmation. A move above $1,295 will also support bulls move higher. Short-term support is found at $1,285-80. Short-term resistance at $1,295-$1,300.
The 4-hour chart above shows how intermediate-term trend remains bearish. The first important resistance is found at $1,310 and then at $1,320. If $1,295-$1,300 is broken upwards, these are the two targets that I believe will be easily reached. All this assumes that we do not make a lower low. If we make a lower low, then the upward bounce targets will also change. For now, we have a weak buy signal after the break out we saw yesterday. Stop for bulls is $1,275 and confirmation above $1,295. Target to close any long position is $1,310-20. Long-term strategy remains the same. We plan on selling near $1,350 with $1,400 stop and $1,100 target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: