empty
 
 
10.07.2020 11:03 AM
Is GOLD Retreat Over?

Gold has decreased a little after the recent amazing rally, but you should know that the uptrend is still intact, despite the minor drop. It is trading at $1,801 level, the retreat could represent only a $1,800 level retest before the price jumps higher.

Another reason behind the gold price decrease is that USD managed to rebound in yesterday's session. I said in the last article that the outlook for the yellow metal is bullish, but it could drop a little to retest the broken $1,800 obstacle in the short term.

This image is no longer relevant

Gold has found resistance at $1,817 level and now has come back to test and retest the $1,800 level and the inside sliding line (sl) of the orange ascending pitchfork. As you already know from my previous analysis, the outlook remains bullish and the gold price is expected to climb higher as long as it is trading above the median line (ml) and above the sliding line (sl).

A false breakdown with great separation below the $1,800 level will suggest buying again with a first potential target at the $1,817 high, the next major target is seen at the upper median line (uml).

  • GOLD Trading Tips

The rejection from the $1,800 level could signal another bullish momentum, so a false breakdown with great separation followed by a strong bullish candle o the H4 could bring a buying opportunity. The $1,817 could be used as a first target, while the R3 ($1,821) and the upper median line (uml) could represent potential targets as well in the short term.

Another higher high will really confirm that the gold price will resume the upside movement in the upcoming period. Only a major reversal pattern here around the $1,800 level could announce a potential correction.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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