Trading Conditions
Products
Tools
Gold price has made a decline from $1,278 to $1,252 in 5 waves. This impulsive downward move was followed by three corrective upward waves and a new lower low. Currently, Gold price is trading sideways creating a triangle. Our Elliott wave count is shown in the chart below. Our preferred wave scenario expects Gold price to move lower towards $1,240. Bears want Gold price to break the triangle downwards and the upward sloping purple trend line that places support for the precious metal at $1,245.
Short-term support is found at $1,245. Short-term resistance is found at $1,273. Gold price has moved again below the red downward sloping long-term resistance trend line as shown in the daily chart below. This favors short positions.
Although we believe the rise from $1,180 is corrective, Gold price should also break the important support at $1,230 in order for our preferred scenario to be confirmed. Gold bulls will need to see Gold price move again above $1,270 in order to hope to see $1,300. Today we expect Gold price to become more volatile after the Fed decision on interest rates.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.