empty
 
 
05.12.2019 10:20 AM
Gold at critical resistance

Gold price has reached our $1,480-90 target area. Price has not touched the 61.8% Fibonacci retracement or the upper bearish channel boundary yet, but price is pulling back after getting rejected at this wide resistance area.

This image is no longer relevant

Green lines - bearish channel

Green upward sloping line -RSI support

Orange rectangle- target area

Gold price continues to make higher highs and higher lows. Trend is bullish in the short-term but price has stopped the advance once it reached the 50% retracement and very close to the upper channel boundary. Bulls need to break above the $1,490 resistance area in order to continue higher, otherwise there will be danger of seeing a big pull back towards the major support at $1,450-60. Traders need to keep a close eye also on the RSI as price is now challenging the green trend line support. Breaking it would give us a hint that more weakness in Gold price should be expected.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback