Yesterday, we mentioned a short-term sell signal that would be given if Gold price falls below $1,378. Our first target was $1,368 and our second target was the 50% retracement at $1,360. All our targets were achieved. Short-term trend remains down. Short-term upward sloping trend line was broken. We are now in a corrective phase.
Important support as shown in the chart above is found at $1,350-45. This is where the Ichimoku cloud and the blue longer-term trend line support is found. The 61.8% Fibonacci retracement at $1,352 is also very possible to be reached. Gold price has short-term resistance the $1,370 level and needs to break above it in order to re-test $1,380.
Daily trend remains bullish but we witness a short-term trend reversal at $1,390. Important support is found at $1,330-50. Breaking below this important support could open the road for a move towards $1,300-$1,270. The longer-term trend remains up. The long-term support is at $1,250. This support is important to hold for our double bottom target of $1,500-$1,600 to have chances.
The material has been provided by InstaForex Company - www.instaforex.com
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