17.10.201411:14 Forex Analysis & Reviews: Gold technical analysis for October 17, 2014

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Gold price continues to trade in a triangle pattern between $1,236 and $1,244. This consolidation will end once we break either level. My longer-term view remains bearish towards $1,050. Short-term trend is bullish as price makes higher highs and higher lows.

Blue lines= support

Red line= resistance

Gold price has reached the 50% retracement and is consolidating near its highs. As long as price is above $1,220 we could see another higher high towards $1,255-60. Short-term trend remains bullish as long as price is above the Ichimoku cloud and above the two horizontal blue trend lines. Important short-term support level is at $1,220. Resistance is found at $1,255.

Blue line = support

Red line = resistance

In the 30 minute chart above I point out the triangle pattern we are currently in. Very short-term trend is neutral as long as price is inside the triangle and it is advised to be neutral and wait for a breakout. My longer-term view remains however bearish targeting $1,050.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.