Άνοδος μεν, αλλά χωρίς ενδείξεις για συνέχεια
October 12, 2016
Με το βλέμμα του Γερακιού σε ΜΥΤΙΛ,ΜΟΗ,ΔΕΗ,ΤΕΝΕΡΓ,ETE,ΕΛΠΕ,ΟΠΑΠ και στην τάση του ΧΑ
October 12, 2016

Gold is trading around $1,250 which important Fibonacci retracement of the rise from $1,045 to $1,375. I remain long-term bullish and I have also been warning that Gold would be in danger of a deeper pull back if $1,300 was lost. Price is now at an important support level and a bounce towards $1,300 is expected.

goldh4

Gold price is in a corrective phase and could very well bounce to $1,300 and then come back down to $1,200-$1,170 to complete the correction. Or it can very well start a new up trend from current levels. We will focus on the form of the price action and if we see an impulsive rise we will have more chances of a longer-term upward reversal. The decline in Gold is what I believe to be a wave 2 correction that will be followed  by a strong upward move that will eventually break above the long-term downward sloping trend line resistance that price got rejected at $1,375.

goldd

Price could eventually pull back towards the weekly Ichimoku cloud and the 61.8% Fibonacci retracement. This would be a gift for bulls. I’m already long NUGT and will be looking to add to this position.

nugt

With a downward sloping wedge pattern and oversold oscillators, price is now trading at the lower wedge boundary and expected to bounce strongly from current levels. A break out of the wedge will signal that the reversal has started.

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.