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Gold in danger of a sell off to $1,245


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Gold price is getting rejected once again at the $1,283-86 resistance area. Price has been making higher highs and higher lows since late October, but the inability to break above the resistance area is a big warning for bulls. Short-term support is at $1,272. Breaking below that level will confirm the bearish scenario that Gold is heading towardds $1,245-50 support area.

Gold 1

Price has also reached the 50% Fibonacci retracement. Gold's upward move from $1,263 is not impulsive. At least not a clear impulsive move. The last chances of this move being impulsive will get crushed if price breaks below support of $1,272. Confirmation will come with the break below $1,262.

Gold2

If the next leg down in Gold price is equal to the first decline, we should reach $1,245 before we resume the longer-term up trend we are currently in since 2015. I continue to be a long-term Gold bull, believing this pull back in Gold prices is a buying opportunity before the next upward move towards $1,400-$1,500.



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About the author


Alexandros has been actively trading for more than 15 years. After successfully completing his MSC degree in International Securities Investment and Banking in one of the top European Business Schools, he became a certified derivatives trader in the Greek Stock market.

Shortly after he started working on the fx and international securities desk of a brokerage company, while passing his exams to become a Portfolio Manager. He is now working as head of the Portfolio Management team in one of the Greece's top brokers, trading in the Greek and international exchanges.  Alexandros has also been running his own personal website www.trading2day.com, providing analysis for more than 5 years and has been active on twitter sharing his views in real time to his more than 4000 followers.

Alexandros is also working as a daily analyst for Gold and the Dollar index for InstaForex Company. His main tools are Ichimoku clouds, classical technical analysis and Elliott waves, while scanning 4hour, daily and weekly charts.

 

Contributing author since 10/10/2017 

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