InstaForex - Analytics

    InstaForex

    700.25 6.25/10
    62% of positive reviews
    Real

    Gold wave analysis for September 30, 2015

    Gold price continues to trade inside the short-term bearish channel, but in what I believe to be a wave 2. The price is approaching the 61.8% Fibonacci retracement, which is an important support and a highly probable reversal level. I prefer long positions with stop at $1,100.

    goldh4.jpg

    Show full picture

    Green lines - long-term triangle pattern

    Gold is testing the Ichimoku cloud and the 61.8% Fibonacci retracement. If this is a wave 2, we should see an upward reversal soon. The form of the decline in 3 waves is corrective so far. This complies with my view. We are in wave 2.

    goldd.jpg

    Show full picture

    The weekly chart shows how this week's candle is testing the tenkan-sen support, so bulls will need to step in and push the price higher. If this does not happen and the week closes below the tenkan-sen, a new rejection at the kijun-sen will be bearish reversal and bearish sign that would signal approaching new lows.


    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