Gold price has reached the 61.8% Fibonnaci retracement as expected and paused its developement. This level is an important resistance level and it is very probable to see trend reversal to the downside from this level.
Blue line – trend line support
Gold price is trading above the Ichimoku cloud in the 4-hour chart and above the blue trend-line support. Short-term support is found at $1,180 while short-term resistance is at $1,206 where the 61.8% Fibonacci retracement is found. I believe it is more probable to see trend reversal to the downside than a continuation of this uptrend.
Blue line – trend line support
The weekly chart remains bearish even if the price managed to close above the tenkan-sen last week. The trend remains bearish as the price is trading below the Ichimoku cloud and below the kijun-sen. Critical support for bulls is at the level of $1,130. I remain bearish expecting a breakout below $1,130 and a push towards $1,000.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price has reached the 61.8% Fibonnaci retracement as expected and paused its developement. This level is an important resistance level and it is very probable to see trend reversal to the downside from this level.
Blue line – trend line support
Gold price is trading above the Ichimoku cloud in the 4-hour chart and above the blue trend-line support. Short-term support is found at $1,180 while short-term resistance is at $1,206 where the 61.8% Fibonacci retracement is found. I believe it is more probable to see trend reversal to the downside than a continuation of this uptrend.
Blue line – trend line support
The weekly chart remains bearish even if the price managed to close above the tenkan-sen last week. The trend remains bearish as the price is trading below the Ichimoku cloud and below the kijun-sen. Critical support for bulls is at the level of $1,130. I remain bearish expecting a breakout below $1,130 and a push towards $1,000.
The material has been provided by InstaForex Company – www.instaforex.com
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