Large TF:
The main trend of gold since last summer is given by the rising wave, which is still unfinished. The lower boundary of the preliminary completion zone is around $ 1,400 / troy ounce.
Small TF:
As part of the rising wave from the beginning of the year, a counter correction is formed, having the form of an "expanding triangle". The bearish patch of February 20 completed the design. The estimated completion zone has been reached, but the reversal signals on the chart are not yet observed.
Forecast and recommendations:
The correction period is nearing completion. This week, traders need to be ready for the start of a new upward phase of the movement. It is recommended to track reversal signals in order to search for the instrument purchase signals.
Resistance zones:
- 1375.0 / 1380.0
Support areas:
- 1310.0 / 1305.0
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company - www.instaforex.com