empty
 
 
28.09.2016 09:38 AM
Technical analysis of gold for September 28, 2016

The gold price has broken short-term support yesterday and is pulling back towards important short-term support at $1,320. The price is expected to reverse upwards from current levels. The rejection below $1,350 is not a good sign, but the price remains above the critical support of $1,300 and inside the long-term sideways channel.

This image is no longer relevant

The gold price has reached the 61.8% Fibonacci retracement of the latest rise and the 4 hour Ichimoku cloud. This is a short-term support area. I expect a bounce from this area and a confirmed higher low. Next support is at $1,310-$1,300. Resistance is at $1,335.

This image is no longer relevant

Red lines - trading range

Black line - medium-term support

Green line -long-term resistance

The weekly chart continues to show us that the price is still trapped inside the trading range and that trend is sideways as the both tenkan- and kijun-sen are flat. As long as the price holds above the black trend line support, I remain optimistic regarding a new high towards $1,450.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $9000 more!
    In May we raffle $9000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback