empty
 
 
02.06.2016 08:50 AM
Technical analysis of Gold for June 2, 2016

Gold is trading above the $1,200 level and near the $1,220 short-term resistance. The price is expected to make a strong bounce towards $1,260 at least. However we might first see a small decline and a new low near $1,190 before this bounce.

This image is no longer relevant

Black trend line - resistance trend line

Blue lines - bearish channel

Red line - support trend line

Black lines - price projection

Gold is trading below the Kumo on the 4-hour chart and has also broken the red trend line support. This implies that we should continue lower to new lows. My target is between $1,200 and $1,190. However, it is not necessary to make a new low before bouncing towards $1,260 which is my medium-term target for the next few weeks.

This image is no longer relevant

The weekly chart shows the price has paused the decline just above the 38% Fibonacci retracement. Is the entire correction over? We cannot know this yet but I feel we should start looking for long positions, especially if the price breaks below $1,200. My medium-term target is $1,260.
Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback