Thursday, October 30, 2014

Gold Technical analysis for October 30, 2014



Gold price has broken short-term support at $1,221 and price is moving towards our short-term target of $1,200 already. My longer-term view remains bearish targeting $1,050. Important resistance for a trend change is the $1,240.


goldh4.jpg
Show full picture

Red line=broken support


Gold price has made a lower low and remains below the Ichimoku cloud. Next support is at $1,200 and at $1,180. This support area is strong and could produce a bigger bounce towards $1,265 but I would again prefer not to take any bullish trades and only look for levels to sell Gold. The short-term resistance is at $1,225 and at $1,240. Breaking above $1,240 will give me $1,265 as the 1st target. The trend however remains bearish and I continue to prefer short positions.


gold.jpg
Show full picture

The weekly chart remains fully bearish as price has now moved away of the critical resistance at $1,237 that was needed to be broken on a weekly basis in order for Gold price to bounce higher towards $!,265 or even $1,300. The bearish weekly formation combined with the rejection at the Ichimoku cloud, continues to support my longer-term bearish view that eventually we will break $1,180.




Alexandros Yfantis is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.













Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014





Gold Technical analysis for October 30, 2014

No comments:

Post a Comment