Gold Technical analysis for July 24, 2014
July 24, 2014 8:50 amVideo
Latest News
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
The Gold price has broken the the $1,300 price level and is heading towards the previous low at $1,290 and where the 38% Fibonacci retracement is found. I believe it is more probable to see the $1,290 low being broken and the Gold price falling towards the 61.8% retracement.
The short-term trend is bearish. The price is below the Ichimoku cloud resistance and has been rejected at the 61.8% retracement of the 5 wave move from $1,346 to $1,290. The upward move from $1,290 to $1,325 was corrective as expected and reached our sell target. Now, prices are moving lower as expected and I see the price moving at least towards $1,285.
The daily chart above shows that the price is heading towards the Ichimoku cloud near $1,285-80 area. Critical support is found at $1,280 where the 61.8% Fibonacci retracement of the rise from $1,240 to $1,346 is found. Breaking below that level will increase the chances of confirming our bearish scenario towards $1,000.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: