Gold market today technical analysis forecasts may 2019

forexgann

Gold market today technical analysis forecasts

Gold Market today technical analysis forecasts through the time cycles of the economist W.D. Gann.

Gold Market today
gold monthly 2019 february

Gold Market today technical analysis forecasts

Following the bullish break of the monthly Set Up expired in October 2018, the Gold market has clearly changed directionality, from a corrective phase to a new upward trend.

Since last year May Gold quotations have progressively lost positions reaching last August on 1 X 4 angular support (purple on the slide) in the ​​$ 1,159 area.

Not only the monthly Set Up of October 2018, but also the expiry of the Maximum Square last December resulted in a net recovery. The new 1 X 4 descending resistances from the highs of April and January 2018 are attempting to curb the propulsive action of the metal.

However, the achievement of $ 1,336 area will determine new price-time targets that will be clearer in the quarterly time frame. Upcoming monthly resistance in the $ 1,350 area; $ 1,380.

Gold market forecasts today

gold market analysis
gold quarterly february 2019

In the quarterly time frame is clearly visible the rebound in Gold quotations in the third quarter of 2018.

The 1 X 1 and 1 X 2 Zero angular supports rejected the corrective force generated in the second quarter of 2018, and following new time-cycles expiring in the first quarter of 2019, the Gold market resumed a new positive push.

First angular resistances in area $1,400-1,450  (yellow on the slide). Supports at $ 1,260.

The long term trend will re-establish itself positively reaching $ 1,376 area.

The report on Gold market forecasts was illustrated using the Top Trader© Stock Exchange software, which is available for free in this blog.