{"id":34314,"date":"2015-06-30T11:00:24","date_gmt":"2015-06-30T15:00:24","guid":{"rendered":"http:\/\/www.ino.com\/blog\/?p=34314"},"modified":"2015-06-29T12:03:43","modified_gmt":"2015-06-29T16:03:43","slug":"gold-update-last-bear-attack-is-pending","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2015\/06\/gold-update-last-bear-attack-is-pending\/","title":{"rendered":"Gold Update: Last Bear Attack Is Pending"},"content":{"rendered":"

\"Aibek<\/a><\/p>\n


<\/p>\n

Today I want to share with you fully renewed charts with Gold technicals.<\/p>\n

Big Picture: Correction<\/h2>\n

\"FX:XAUUSD<\/p>\n

Chart courtesy of Tradingview.com<\/span><\/p>\n

The monthly chart shows a clear uptrend in the Gold market from $251.95 to $1920.80, which has now been retraced in a small correction. Small, because the Bears could hardly move through the first barrier of the 38.2% Fibonacci level that is below $1283.<\/p>\n

The current game is in between the 38.2% ($1283) and 50% ($1086) Fibonacci levels. Half of the market participants are still convinced that the market is bullish and they are keeping their long positions.<\/p>\n

Bulls are safe in the long term as far as $889 (61.8% Fibonacci retracement level). But to get there, the weakness hunters should have enough power to break to the upside of the green rectangle that is the threshold of the strongest long-term support.<\/p>\n

Even if sellers get there, they should manage to survive the turmoil that will start in this zone down to the $682 level, it's the same experience buyers gained on the way up. I was trading Gold those days and we were really thrilled at the desk with such a crazy $300 round trip swing between $1000 and $700, and trust me it was an adrenaline rush.<\/p>\n

Bulls could feel themselves saved only above the long-term resistance located above the neckline of triple tops at $1522. But a freedom breath will be taken only above the peak beyond $1921.<\/p>\n

Short Shot: Sellers Are In A Desperate Attempt<\/h2>\n

\"FX:XAUUSD<\/p>\n

Chart courtesy of Tradingview.com<\/span><\/p>\n

The short-term outlook is mildly bearish, as buyers couldn't break above the first resistance at the $1240 level and now Gold is heading north to the recent low at the $1130 level. But overall this move down should be one of the last based on Gold's weaknesses. The sideways wedge (highlighted in red) consolidation has cooled down with sellers taking their energy. The downside picture looks exhausted as no new yearly lows have been hit and we are still in the area where the 2013 sharp drop has landed.<\/p>\n

There are two possible downward stops; the first is the 2014 low at the $1130 level and the next is on the downside of the wedge at the $1083 level. I think we will bounce back off one of these levels.<\/p>\n

The best thing is to wait to see how the last support will react and only then think of an entry.<\/p>\n

Bulls should be nimble to cross the $1240 level where the first support and the wedge's midpoint are located and to get full control of the ball, they should overtake this year's high at $1308.<\/p>\n

So, patience is the name of the game. I will update you in my further posts.<\/p>\n

Intelligent trades!<\/p>\n

Aibek Burabayev<\/a>
\nINO.com Contributor, Metals<\/p>\n

Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Today I want to share with you fully renewed charts with Gold technicals. Big Picture: Correction Chart courtesy of Tradingview.com The monthly chart shows a clear uptrend in the Gold market from $251.95 to $1920.80, which has now been retraced in a small correction. Small, because the Bears could hardly move through the first barrier […]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6922,23,7716,7717,7526,7718],"class_list":["post-34314","post","type-post","status-publish","format-standard","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-gold","tag-gold-bears","tag-gold-bulls","tag-gold-chart-analysis","tag-gold-monthly-chart"],"yoast_head":"\nGold Update: Last Bear Attack Is Pending - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2015\/06\/gold-update-last-bear-attack-is-pending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Update: Last Bear Attack Is Pending - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Today I want to share with you fully renewed charts with Gold technicals. 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