Technical analysis of Gold for September 9, 2016
September 9, 2016 7:06 amVideo
Latest News
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
Gold price got rejected yesterday at $1,353 and is now in a short-term bearish trend making lower lows and lower highs towards the first important short-term support of $1,333. As long as Gold is above $1,300, our bullish scenario is the leading one. If we break below it, the road for a move towards $1,200 is open.
Black lines – resistance trend lines
Short-term support is found at the Ichimoku cloud at $1,322 where we also find the 61.8% Fibonacci retracement of the latest rise from $1,302 to $1,353. Support is also at the $1,333 level where we find the 38% Fibonacci retracement.
Black line – trend line support
The daily chart remains above the black trend line and still above the cloud. With red labels I show the bearish scenario that could bring Gold back to $1,180 where the 61.8% Fibonacci retracement is found. In the shorter-term, if Gold manages to break above $1,340 we could see another test of $1,350. A new rejection will increase the chances of a move towards $1,320 or lower.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: