As
shown on the chart, the price succeeded to touch its central yearly pivot at
$1370.63 and to register a high at $1391.99 on Mars 16th, 2014 after
getting up from $1182.39 on December 29th, 2013 which have entered a
bearish three wave afterward and it is currently completing the wave 3 of C.
According to that the last week it failed to break monthly support 2 at
$1219.53 and the weekly candle that has been closed beneath that pivot level,
it is expected to see more decline with the metal, so $1193-$1210 range as the
end of minor wave 3, it seems that coincides with yearly pivot YTR2 on
September 26th as well, is a good place for the fourth wave to
start. So, around the aforementioned levels and above date we could be looking
for a long trade to near $1280 which is also on the uptrend line. And from
December 12th that is the yearly pivot 3, a huge drop to support 1
at $1045.60 is expected.
FX
Street technical suggests that support for the gold in short term will be $1216
and the decline would be continued if this level is violated below then the
next support level will be $1184.
According
to this report the resistance level will be $1225-$1231 area short term., if
this area is broken below, its price will reach to $1241 as well.
It
seems the most effective factor on trend of the gold price in the coming days
will be the dollar value volatilities against major currencies.
The
analysts who exactly reviewed the past patterns of the gold believe that the
future way the gold price could be highly bearish and the price will reach
$1000 if $1180 level is broken below, according to the Reuters’.
Based
on the report, Fibonacci analysis shows that the there is a likely gold strong
selloff to $1150.
“The
gold price has been under extreme pressure for the past 2 years. Having these
pressures continued could bring down the price to 3 digits”, Nicole Elliot,
Senior FX Market Analyst at Trading emphasised.
The
Gold website said:
“The
gold price probably will reach to lower than $1180-$1190 before the end of the
2014 and this price will go for less than $1000 in the next year.” Axele
Rodolf, Comerse Bank Germany stressed.
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