empty
 
 
20.06.2018 08:38 AM
Technical analysis on Gold for June 20, 2018

Gold price remains inside the downward sloping wedge pattern. Gold price remains in a bearish trend. Gold bulls need to break above $1,300 for a confirmed break out and for a bounce at least towards $1,330-40.

This image is no longer relevant

Red line - resistance

Blue line - support

Yellow line - bullish RSI divergence

Gold price is in an attractive for buying area. Gold price potential is to the upside and not to the downside. Despite the new lows yesterday the RSI did not confirm this new low. Gold price in the short-term will at least move towards the red downward sloping trend line resistance. Support is at $1,270. Resistance is at $1,297-$1,300. A break above $1,300 will be a very bullish sign. A rejection at the $1,295-$1,300 level will open the way for a move towards $1,250-60.

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