Gold Technical analysis for October 31, 2014
October 31, 2014 10:15 amVideo
Latest News
- Forecast for EUR/USD on May 27, 2024 May 27, 2024
- Forecast for GBP/USD on May 27, 2024 May 27, 2024
- Forecast for USD/JPY on May 27, 2024 May 27, 2024
- Trading plan for GBP/USD on May 27. Simple tips for beginners May 27, 2024
- Trading plan for EUR/USD on May 27. Simple tips for beginners May 27, 2024
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
- GBP/USD: trading plan for the US session on May 24th (analysis of morning deals). Sellers missed 1.2700 May 24, 2024
- EUR/USD: trading plan for the US session on May 24th (analysis of morning deals). The euro is not going to give up May 24, 2024
- EUR/USD. May 24th. The bears are starting to go on the offensive May 24, 2024
- Forecast of GBP/USD pair on May 24, 2024 May 24, 2024
- Trading Signals for EUR/USD for May 24-28, 2024: sell below 1.0864 (200 EMA – 21 SMA) May 24, 2024
- Trading Signals for GOLD (XAU/USD) for May 24-28, 2024: buy above $2,333 (200 EMA – oversold) May 24, 2024
- Weekly Forex Outlook: 24/05/2024 – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – Is the pause in NGAS a warning signal? May 24, 2024
- Technical Analysis – USDCAD eases slightly after bullish rally May 24, 2024
- Week Ahead – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
Gold price as expected has broken $1,200 and the huge support has set at $1,180. The bearish trend remains strong both in the short- and long-term. Our longer-term target remains at $1,050 as I have been saying for so long. The trend is down and now that we have broken below the triple bottom, the selling pressures should push Gold price much lower.
Red line = support broken
Gold price remains below the Ichimoku cloud and has extended the decline after my sell signal at $1,220. Now below the triple bottom at $1,180, the road is open for a steeper decline towards $1,100 first and lower in the future. Trend is clearly down and any bounce should be sold. Resistance is found at $1,200 and $1,220.
Blue line =resistance
Black line= support
In the weekly chart as shown above we finally see the triple bottom being broken. The weekly resistance level at $1,237 was tested and price got rejected as bulls could not close a week above it. This was a clear bearish sign and that is why I said in my analysis that the upward bounce from $1,180 to $1,255 was over. The trend is down and heavy selling is expected to follow in this market to new lows. Breaking such a bearish formation has many chances of succes for short positions.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: