Gold wave analysis for July 23, 2014



Gold price is trading above $1,300, but I expect this important psychological support level to be broken soon. Gold price is below the Ichimoku cloud in the 4-hour chart confirming our view that $1,346 was an important top and that the trend has reversed downwards. At $1,346, I still believe we have seen the end of wave E of wave 4 and we are now at the beginning of a new downward move to $1,000.
Gold price was rejected at the 61.8% Fibonacci retracement and did not manage to break above the Ichimoku cloud. The Ichimoku cloud is putting pressure on the Gold price and I expect to see at least a move that will push price lower than $1,290. Support is found at $1,303 and resistance, at $1,320.


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