22.07.201400:03 Forex Analysis & Reviews: Gold wave analysis for July 22, 2014

Long-term review

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Gold price did not move a lot today. Volatility was low and price remained between the short-term support and resistance levels of the Ichimoku cloud. My longer-term view remains bearish. I still believe that we have completed wave E of wave 4 and that we have started a new downward impulsive move down.

Gold price remains below the short-term Ichimoku cloud. Price still below the 61.8% Fibonacci retracement resistance and I believe there is increased probability to see a downward move towards $1,290 than an upward break out. Resistance is found at $1,320 and at $1,325. Support is found at $1,302 and at $1,290.

The daily chart shows that price is supported by the Ichimoku cloud and that important support is found at $1,280 and $1,250. However, according to my elliott wave count, I expect these support levels to be broken as I believe wave E of the triangle wave 4 has been completed at $1,346. Daily support is found at $1,300 and daily resistance, at $1,319. Breaking either level on a daily basis will give us more signs for the next big move in Gold price.

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