For Traders

Analytical Reviews

Technical analysis

13.09.201607:37 Forex Analysis & Reviews: Gold Technical Analysis for September 13, 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.

Technical outlook and chart setups:

Gold has dropped lower from last week's highs ($1,352.00 level) and is seen to be trading at $1,329.00 level at this moment. The yellow metal had formed lows at $1,321.00 level yesterday before rallying. Please note that the metal has tested and bounced from fibonacci 0.618 support of the rally between $1,302.00 through $1,352.00 levels earlier. Furthermore an intermediary line of support is also seen passing through yesterday's lows and the metal remains well supported at least for now. The wave structure indicates that the metal seems to have formed a meaningful low at $1,321.00 level yesterday and should be looking to print higher highs going forward. On the flip side, a push below the trend line support could change the short term structure. It is recommended to remain long now, with risk at $1,305.00 level. Immediate resistance is seen at $1,340.00 level, while support is seen at $1,320.00 level respectively. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.

Trading recommendations:

Remain long now, stop is below $1,320.00, a target is $1,375.00

Good luck!

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.