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Gold price showed a buy signal yesterday as it broke above the wedge and above the Ichimoku cloud resistance. Price has held above the critical $1,280 price level. Gold price has started an upward move from $1,280. According to the short-term bullish scenario, wave A was completed at $1,346. Wave B at $1,280 is now the most probable scenario to come true. The decline from $1,346 is not impulsive. So, this decline cannot be the start of a downward impulsive move that will bring Gold price to $1,000. So, wave E is still underway and not complete. We are currently at wave C of wave E of wave 4.
Gold price as shown in the 4 hour chart above has broken out of the downward sloping wedge. It has also broken above the Ichimoku cloud. The cloud support is now at $1,295. Gold price has also broken above the 78.6% Fibonacci retracement of the move from $1,312 to $1,280. We might see a pull back towards $1,300 but I expect Gold price to continue making higher highs and higher lows.
Gold price has broken once again above the Ichimoku cloud in the daily chart. This is a bullish sign. My short-term target for Gold price is the $1,340-50 level. As long as Gold price trades above $1,285, I expect this upward move to unfold and push higher towards the upper boundaries of the red triangle.
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