Large-scale graph:
The main direction of the gold trend since August last year looks at the "north" of the chart. The wave is the final part of the global ascending model.
Medium-scale graph:
The bullish section of the schedule of November 13 forms the final part (C) in a larger structure. The lower boundary of the preliminary target zone is in the area of the calculated resistance.
Small-scale graph:
The bullish wave launched on December 21. It completes the ascending structure in the wave of the older timeframe. In the coming days, a short-term price pullback is not excluded.
Forecast and recommendations:
The trend in the growth rate of gold continues which can benefit traders. The support zone is found on the level of former resistance that is suitable for completing the rollback.
Resistance zones:
- 1375.0 / 1380.0
Support areas:
- 1300.0 / 1295.0
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). Three consecutive graphs are used for analysis. Each of these 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 and the dotted exhibits 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