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Gold price is moving in a wave 2 right now. Gold price should find support at $1,12 where the 61.8% Fibonacci retracement of a move to $1,157 from $1,100 is seen. A breakout below $1,100 will cancel my bullish scenario.
Green line - triangle patternRed line - projected price move
Gold price is testing the Ichimoku cloud support. The lower cloud boundary is also the 61.8% Fibonacci retracement of wave (1). I expect the price to reverse upwards any time soon. That is why I started buying near $1,137 yesterday. The stop for longs should be placed at the level of $1,100 amid this wave count. I expect the price to reverse strongly upwards.
The weekly chart shows how the price is testing the tenkan-sen (red indicator) support. I expect it to bounce from this support area towards at least the kijun-sen resistance of $1,150. Gold price could be forming a couple of 1-2 waves before the strong 3rd wave up takes place, so bears should be very cautious.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.