Yesterday, 08:26
H4 graph
Gold already had lowering target set to level 903 by the time it broke level 944. Now, after dropping below level 931 ("K" trend line) the pair confirmed its intention to reach that target. What is more, owing to breaking of "K" trend line, the lowering may move gold even deeper - to level 888, if support level 903 will be passed on the way down.
Daily graph
Having stopped slightly below the strategic resistance level 998 (“Z” trend line), gold eventually formed up a “double top” trend-turning figure at H4 graph (denoted as “a-a+” trend) and executed it after getting under the level 967. Such an event is a very important signal for “B-B+” daily trend’s turn. I’m expecting its lower bound to be broken shortly and, if gold goes under the level 945 (under the “B” trend line), the uptrend will be changed to downtrend and gold will set the target of lowering to support level 903.
Monthly graph
ref:http://www.forexmillion.com
