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Simplified wave analysis of GOLD for December 27

Large-scale graphics:

In the main downward wave of the gold trend of the D1 scale, the last wave H4 formed a counter correction. Lifting potential close to exhaustion.

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Medium scale graphics:

From mid-November, the quotes moved upward, completing the corrective bullish wave of a larger TF. To date, the wave structure is fully formed.

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Small-scale graphics:

The bullish section from December 14 is at the very end of a time scale wave. The price is located at the upper edge of a wide reversal zone of large scale.

Forecast and recommendations:

In the coming weeks, there is every reason to wait for the change of the motion vector, so the purchases are unpromising. Before opening deals in the opposite direction, you must wait for the appearance of clear reversal signals.

Resistance zones:

- 1275.0 / 1280.0

Support areas:

- 1235.0 / 1230.0

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. Each of them analyzes the last, incomplete wave. 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.

Attention: 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