InstaForex - Analytics


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    Gold wave analysis for September 29, 2015

    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.


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    Red 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.


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