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14.07.201410:52 Forex Analysis & Reviews: Gold Technical analysis for July 14, 2014

Long-term review

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The Gold price has broken short-term support levels and is now trading just above $1,320. Critical support is found at $1,315-$1,320. Breaking below that area will put $1,307 low to the test. Ichimoku cloud support is found at $1,315-$1,320.

The upward sloping trend line support is held for now. The blue horizontal trend line support is the crucial pivot level that will determine the intermediate-term trend. If the Gold price breaks support, we should expect a downward move towards $1,280-90. Support is important at current levels. As long as we trade above it, long positions should be favored.

Gold has reached $1,346 only 4$ away from my $1,350 target. Wave E was expected to complete between $1,350-60. So, wave E could be already fully complete and a new downward move starting. Bulls need to be very cautious at the current levels and especially if support at $1,307 fails. The Gold price has strong resistance at $1,345. If that resistance is broken, I would not be surprised to see the Gold price move towards $1,360-70.

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