30.06.201410:44 Forex Analysis & Reviews: Gold, technical analysis for June 30, 2014

Long-term review

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Gold price has remained inside the trading range of $1,326-$1,308. Price is moving sideways. A break towards either direction will either push price towards $1,335-45 or $1,290-80. Trend is neutral. I favor a last upward spike towards $1,335-45.

However short-term traders should wait for the signal and not trade before it. If support is broken, we should expect gold price to find support around $1,260-80. If resistance is broken, we should expect the move that started at $1,240 to end near $1,335-45.

Gold price is in a rising trend and we have labeled this latest rise from $1,240 as wave E of a sideways triangle that we expect to break downwards towards $1,000. Breaking above $1,391 will cancel this scenario. We are now looking for sell levels in order to built a short position targeting $1,000.

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