Wild swings in Gold price after the BOJ are testing both support and resistance. Currently Gold price is breaking above the latest short-term high after successfully testing short-term support at $1,308. Price has now the potential for an upside move at least towards $1,330.
Gold price is expected to test at least the lower cloud boundary at $1,325 but with more probable target the upper cloud boundary and 161.8% extension of the first leg up. Short- and medium-term support is at $1,300. Gold is giving us bullish reversal signs as it has stopped making lower lows and lower highs.
Red lines – trading range
Gold price has touched the lower cloud boundary on the daily chart and is bouncing higher towards the daily resistance by the tenkan-sen at $1.325. A daily close above $1,330 will open the way for a push even higher towards $1,350. A break below $1,300 will open the way for a push towards $1,200-$1,180.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wild swings in Gold price after the BOJ are testing both support and resistance. Currently Gold price is breaking above the latest short-term high after successfully testing short-term support at $1,308. Price has now the potential for an upside move at least towards $1,330.
Gold price is expected to test at least the lower cloud boundary at $1,325 but with more probable target the upper cloud boundary and 161.8% extension of the first leg up. Short- and medium-term support is at $1,300. Gold is giving us bullish reversal signs as it has stopped making lower lows and lower highs.
Red lines – trading range
Gold price has touched the lower cloud boundary on the daily chart and is bouncing higher towards the daily resistance by the tenkan-sen at $1.325. A daily close above $1,330 will open the way for a push even higher towards $1,350. A break below $1,300 will open the way for a push towards $1,200-$1,180.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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