Gold price is showing signs of a short-term trend reversal. Gold is in a downtrend channel since September 7th and has approached the lower trading range boundary of $1,300. Gold bulls are now trying to break out of the short-term bearish channel.
Red lines – bearish short-term channel
Blue lines – long-term trading range
Gold price remains below the 4-hour Ichimoku cloud. Short- and medium-term support is at $1,300-$1,305. Resistance is at $1,330 and next at $1,360. Medium-term trend is neutral as price remains inside the long-term trading range. As long as Gold is above $1,300 I prefer long positions with a tight stop.
On a daily basis Gold is inside the Kumo (cloud) implying trend is neutral. This is confirmed technically also by the trading range in effect. Price has reached the 38% medium-term Fibonacci retracement and the short-term 78.6% Fibonacci retracement. If Gold is going to start a new upward move it will be from this area. Otherwise we should prepare for a sell-off towards $1,250-$1,260 at first and then even deeper towards $1,200-$1,180.The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is showing signs of a short-term trend reversal. Gold is in a downtrend channel since September 7th and has approached the lower trading range boundary of $1,300. Gold bulls are now trying to break out of the short-term bearish channel.
Red lines – bearish short-term channel
Blue lines – long-term trading range
Gold price remains below the 4-hour Ichimoku cloud. Short- and medium-term support is at $1,300-$1,305. Resistance is at $1,330 and next at $1,360. Medium-term trend is neutral as price remains inside the long-term trading range. As long as Gold is above $1,300 I prefer long positions with a tight stop.
On a daily basis Gold is inside the Kumo (cloud) implying trend is neutral. This is confirmed technically also by the trading range in effect. Price has reached the 38% medium-term Fibonacci retracement and the short-term 78.6% Fibonacci retracement. If Gold is going to start a new upward move it will be from this area. Otherwise we should prepare for a sell-off towards $1,250-$1,260 at first and then even deeper towards $1,200-$1,180.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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