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Gold price sent a bullish signal yesterday after breaking above the resistance at $1,115. It bounced as we had expected towards $1,125-30. Gold price is moving in a bullish uptrend and has most probably completed 5 waves up from its recent lows.
Black line - resistance (broken)
Gold price has made 5 waves up from its recent lows. I would expect a pullback towards cloud support and the 38% Fibonacci retracement before resuming the uptrend. Recently, I warned traders not to open short positions and yesterday's price action confirmed my expectations.
The weekly chart is generesing signs of reversal. This week's candle is above the tenkan-sen resistance indicator. In case of this week's close above $1,125, we could see another rally towards the kijun-sen (yellow indicator) next week. There are also increased chances of a move towards $1,200 if $1,150 gets broken.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.