Large-scale graphics:
The period of strengthening the gold rate began in August last year. The wave does not fully realize its potential.
Medium scale graphics:
The ascending section of the chart, which started in mid-November, in the larger model gave rise to the final phase of the movement.
Small-scale graphics:
The descending wave of January 31 has a small stroke potential. On the TF H1 plot, the plot corrects the previous climb, before the next jerk in the main direction.
Forecast and recommendations:
The period of price correction of gold may end as early as next week. A reference point can serve as a new calendar, in which the most important will be news from the United States. Traders are advised to track the buy signals of the instrument.
Resistance zones:
- 1375.0 / 1380.0
Support areas:
- 1300.0 / 1295.0
Explanatory notes 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