Gold price is moving higher early today as the US dollar weakens. Gold price is at very important price levels that justify a bounce if not a bigger reversal for the start of the next leg up. My long-term reversal zone is $1,220-$1,170 and we already have touched a part of this area.
Red rectangles – resistance
Gold price is below the Ichimoku cloud. The daily trend is bearish as long as price is below $1,307. Resistance levels are $1,254, at $1,1273, and at $1,307 as the most important one. Oscillators are oversold and turning upwards for Gold. Gold should bounce towards at least $1,254 and most probably towards cloud resistance.
My long-term view remains bullish as I believe Gold could very well have ended wave 2 down or at least is at its final stages. Gold could push towards the 61.8% Fibonacci retracement but only after a short-term bounce. Traders should be looking for long positions as the next big move will be to the upside.The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is moving higher early today as the US dollar weakens. Gold price is at very important price levels that justify a bounce if not a bigger reversal for the start of the next leg up. My long-term reversal zone is $1,220-$1,170 and we already have touched a part of this area.
Red rectangles – resistance
Gold price is below the Ichimoku cloud. The daily trend is bearish as long as price is below $1,307. Resistance levels are $1,254, at $1,1273, and at $1,307 as the most important one. Oscillators are oversold and turning upwards for Gold. Gold should bounce towards at least $1,254 and most probably towards cloud resistance.
My long-term view remains bullish as I believe Gold could very well have ended wave 2 down or at least is at its final stages. Gold could push towards the 61.8% Fibonacci retracement but only after a short-term bounce. Traders should be looking for long positions as the next big move will be to the upside.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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