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 price made a sharp move lower yesterday below $1,280 and almost reached our first target of $1,270. The inability to break above $1,293 pushed prices lower as we expected. Gold could continue even lower towards $1,250-60 but my overall longer-term view remains unchanged and bullish.
Gold price decline stopped at the 38% Fibonacci retracement. Price is above the 4-hour cloud but below both the tenkan- and kijun-sen indicators. Resistance by these two indicators is at $1,283-85. So the first resistance bulls need to break is at $1,283-85. Next and most important one is at $1,293. Short-term support is found at $1,275-70 where the Kumo is found.
On a daily basis Gold should make a pullback towards at least the kijun-sen (yellow line indicator) at $1,245. A break and daily close below the tenkan-sen (red line indicator) at $1,270 will increase the chances of this happening. This is not the time to adding to longs. A pullback towards $1,245 will be the best opportunity.
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.
Stay 
