InstaForex - Analytics


696.00 6.50/10
61% of positive reviews

Gold wave analysis for May 7, 2015

Gold price has reversed from the 61.8% retracement as we expected and has started making lower highs and lower lows on the 4-hour chart. The trend is bearish as the price is below the Ichimoku cloud and, according to my wave analysis, we should see a strong downward impulsive move soon that will break below $1,170.


Show full picture

Blue line - support

Gold price has also broken below the short-term support at $1,185 and has given a second sell signal after the one at $1,200. The price is expected now to test $1,170 and will most probably break below it towards $1,150-30. Resistance is found at $1,195-$1,200 and a break above this level will not be a good sign for bears.


Show full picture

The weekly chart remains bearish as the price is moving below the tenkan-sen red line indicator. The longer-term trend remains bearish and I expect a move towards $1,000 over the next month if we break the critical support at $1,130. The longer-term trend changes on a weekly close above $1,260.

Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015

To leave a comment you must or Join us

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree