Large-scale graphics:
The vector of the dominant direction of the short-term trend of gold is directed upwards. The wave completes a larger ascending design, the preliminary target zone of which is in the region of $ 1400 / oz.
Medium scale graphics:
The rising wave of November 13 formed the final part (C) in the model of the older TF. After a breakthrough of powerful resistance, a rollback took place.
Small-scale graphics:
The descending section of the schedule of January 31 in the wave of the hourly scale formed an intermediate correction. The wave is nearing completion.
Forecast and recommendations:
The period of stabilization of the price of gold has not yet come. After the current pullback, a new round of price growth will soon follow, which supporters of the short-term trading style can take advantage of.
Resistance zones:
- 1375.0 / 1380.0
Support areas:
- 1300.0 / 1295.0
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. 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.
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