empty
 
 
08.04.2020 02:38 PM
Trading plan for Gold for April 08, 2020

This image is no longer relevant

Technical outlook:

Gold is facing strong resistance at $1,703 levels and the yellow metal is expected to stay lower. The overall structure is looking bearish until prices stay below $1,703 levels; while a break higher would test $1,750. At this point in writing Gold is seen to be trading around $1,647 levels and is expected to drop lower towards immediate support at $1,568. The recent boundary that is being worked upon is between $1,703 and $1,451 respectively. Please note that Gold has retraced up to fibonacci 88% of the earlier drop, carving a lower top around $1,675 levels. If the counter trend rally has completed, prices should reverse sharply lower towards $1,450 support and beyond. Once the counter trend line support is broken, it would confirm that a meaningful top is in place at $1,675, and that Gold could accelerate lower again. Trading point of view, Gold remains good to sell on rallies until prices stay below $1,703.

Trading plan:

Remain short @ 1,640/50, stop @ 1,703 target @ 1,450 and lower.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Oscar Ton
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • 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 $9000 more!
    In May we raffle $9000 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
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback