For Traders

Analytical Reviews

Wave analysis

30.06.201609:09 Forex Analysis & Reviews: Wave analysis of Gold for June 30, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold has completed 5 waves up in the short term from $1,305 to $1,328 and also made a corrective pullback towards the 61.8% Fibonacci retracement. This is the first short-term bullish signal after the spike last week, and as long as we hold above $1,305, we can say that the next leg up has started.

Gold is in the final stages of the corrective wave as can be seen on the 30 minute chart above. A break above $1,317 will confirm the correction is most probably over and we should expect a sharp rise towards at least $1,330. Breaking above it will open the way for $1,350-60 at first.

Gold remains above the Kumo on the 4-hour chart and still inside the triangle pattern or consolidation range. A clear break above $1,330 will trigger a bigger upward move. The target remains $1,400 and can be achieved by the end of next week. I remain longer-term bullish and continue to believe that $1,045 is a long-term low.

Back to the list

Open trading account

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.