Gold H1

General Overview for 19/03.2014:


The five wave implusive wave progression has been finished and now gold is in corrective cycle. The first wave down in shape of a abc ZigZag has been done and now some upside bounce is expexted in wave b.  The shape of this wave is yet to be determined.  The supply breakthrough zone has been broken and now it will act as a resistnace for any upside rally - key level. Only  a sustained breakout above the $1350 - $1355 level would make Weekly Pivot in view and prone to test. Pleas enotice the bullish divergence is forming on H1 AO oscillatior.

Support/Resistance:

1392 - Swing High
1375 - Weekly Pivot
1350 - 1355 - Key Level
1338 - Target for wave c
1319 - Swing Low

Trading Recommendations:

A possible upside reaction is very likley here so intraday shorts might be closed and long positions should be opened.

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