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    Gold wave analysis for May 8, 2015

    Today, I have posted an alternative wave count for the Gold price as we could see more sideways price action despite the short-term weakness. We have completed wave A and B . A new wave C towards $1,200 should be expected.

    goldh4.jpg

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    Red line = resistance

    Blue line = support

    Gold price is inside wave C up alternative or in an unfolding new downward impulsive wave towards $1,150. The short-term resistance trend line is seen at $1,190. Ichimoku cloud resistance is found in the territory of $1,186-$1,193. As long as the price holds below these levels, bears have the upper hand. Important resistance is at $1,215-22 while important support is seen at $1,178-70.

    goldd.jpg

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    Light blue line = neckline

    Dark blue lines = projection

    Black curves = H&S pattern

    Gold price could be forming a Head and Shoulder pattern in the daily chart. A daily break below $1,130 could push the price towards $1,000 or even lower. The trend is bearish and there is a strong probobility that the pattern can be confirmed. Stop for bears should be set at highs of the right hand shoulder at $1,222.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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