Technical analysis of Gold for July 28, 2016
July 28, 2016 7:03 amVideo
Latest News
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
Gold price has bounced towards $1,350 as we expected after breaking above $1,325. Price has reached the 50% retracement of the decline from $1,375 and is expected to reverse lower again to new lows below $1,310.
Red line – trend line resistance (broken)
Gold price has bounced towards the upper cloud boundary in the 4 hour chart and has retraced 50% of the decline. Price bounced just above the 38% Fibonacci retracement from $1,200 to $1,375. A reversal is now expected. Price might move a bit higher closer to $1,350 but overall I believe we should expect a move towards $1,270 next.
Blue lines – bullish channel
Gold price remains inside the bullish channel and above cloud support in the 4-hour chart. Support is at $1,310 and if broken we should expect a move at least towards $1,290-80. An exit out and below the channel will confirm the top is in and a big correction towards $1,250-$1,180 has started.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: