Gold price forecast medium and long-term technical analysis

gold technical analysis
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Gold price forecast medium and long-term technical analysis

Gold price forecast medium and long-term technical analysis using W.D.Gann’s cycles.

gold price forecast
gold may 2019

Gold market forecasts medium term technical analysis

As predicted in the last article, the bullish break of both October 2018 Set Up and the subsequent cycle expired last December has led to a clear reversal of Gold market trend, with first targets in $ 1,350 area.

In February 2019 yellow metal prices in fact recorded a maximum of $1,341.86 on the 1 X 4 descending angular resistances started from January to April 2018. Then prices fall back definitively in March 2019, which coincides with the subsequent time cycle determined by the expiration of the 90-month Square.

Prices are back in April on the 1 X 1 natural  corner, with closure at $ 1,200.

May 2019 signs the beginning of several monthly Set Up.

Gold market forecasts: the return above $ 1,321 will restore the medium-term positivity. First resistances at $ 1,315; $ 1,340; $ 1,400.

The negative infringement at $ 1,256 will confirm the corrective trend started last March: first supports at 1,259; $ 1,244.

Medium-long term Gold market forecasts

gold forecast
gold quarterly may 2019

The 1 X 2 quarterly Zero corner determined the minimum in the last quarter of 2015 and held back the correction in the third quarter of 2018. In coincidence with this support the quarterly Set Up reversed the swing chart restoring a new positive phase for Gold market.

The first quarter of 2019 closed positively, although the 1 X 1 Zero corner (red colored on the slide) has constituted a resistance, which prevented a greater prices extension. Started from a maximum of $ 1,341.86, the Gold ended the first quarter at $ 1,291.91.

During the second quarter of this year still in progress, the Gold touched once again the 1 X 2 Zero angular supports that had already supported prices in the third quarter of 2018 and last quarter of 2015 (yellow colored on the slide).

If Gold quotations will reach $ 1,352 then the ascending phase will be confirmed. First resistances at $ 1,347; $ 1,392.

On the other hand, the return below $ 1,148 will cause a prices fall in the medium-long term: first supports at $ 1,265.

Gold market analysis was carried out thanks to Top Trader© free exchange software

 

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