Large-scale graphics:
The price of gold on the daily scale of the chart since the beginning of the year has been consistently shifted down. Some diversity was introduced by the oncoming wave of the scale H4, which became a correction in the main structure.
Medium scale graphics:
The price of the tool since August 16 moved up. The upper limit of the large-scale reversal zone has been reached. Reversal signals are not yet formed.
Small-scale graphics:
The ascending portion of November 13 is at the end of the bullish wave of the older TF. The structure of the movement does not show completeness.
Forecast and recommendations:
Until the end of this year, conditions may arise under which the short-term trend of gold will change its direction. When shopping, it is better to reduce the lot to a minimum. When the price reaches the calculated resistance, it is recommended to start tracking the sale signals of the instrument.
Resistance zones:
- 1260.0 / 1265.0
Support areas:
- 1230.0 / 1225.0
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.
Attention: 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