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Gold in choppy price action with no clear trend

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Gold price has been drifting higher since late October lows. Price has come very close to the $1,300 price level however I believe we will see a deep pull back first before the resumption of the longer-term up trend.


Gold price is trading below the Daily Kumo (Ichomoku cloud). Price got rejected both times it reached the lower cloud boundary and I believe it will happen again from next week. The rise in Gold price is not impulsive as the form of the rise has an overlapping price structure. The corrective decline from 2017 highs is still unfolding and I believe it should complete its cycle around $1,250-$1,220.

Assuming Gold price does not break above $1,296, we should first target $1,252 and next $1,225. Once Gold price breaks below the lower green trend line, we will be very confident that the final decline has started. Until then Gold will be trading inside the green trading range. Although I 'm longer-term bullish Gold expecting a move towards $1,500-$1,600, I believe bulls will get a great buying opportunity until the end of the year around $1,250.

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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, 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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