Technical Price Action Analysis - GOLD: bear market rally to the bullish reversal

Technical Price Action Analysis - GOLD: bear market rally to the bullish reversal

16 October 2015, 18:11
Sergey Golubev
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1 711

W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition. The bear market rally was started in the middle of last month: the price broke 1170.06 key resistance level on open weekly bar for the rally to be continuing. If the price breaks 1232.40 as the next target so the bullish reversal will be started with the secondary ranging.

There are the following key 'reversal' support/resistance levels:

  • 1077.19 key support level located far below 100-SMA/200-SMA in the primary bearish area of the chart, and
  • 1285.57 key resistance level located between 100-SMA and 200-SMA on the border with the primary bearish and the primary bullish.

100-SMA is below 200-SMA estimating the bearish trend to be continuing by the direction.

If the price will break support level at 1077.19 so the bearish market condition will be continuing.
If the price will break resistance level at 1285.57 from below to above so the bullish reversal of the price movement will be started.
If not so the price will be ranging between within the levels.

Resistance
Support
1232.401098.68
1285.571077.19

Trend:

W1 - bear market rally
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