16.10.202014:21 Gold bulls try to break resistance

Gold price is trading above $1,900 again and is challenging important short-term resistance at $1,910-15 area. Gold bulls need to continue making higher highs and higher lows and in order to resume the up trend towards $1,955 and maybe higher.

Exchange Rates 16.10.2020 analysis

Blue lines - bullish channel

Green rectangles - higher lows

Red line - horizontal resistance

Red rectangle -target

Gold price target remains at $1,955 as long as price remains above the green rectangles. Bulls need to break above $1,910-15 on a daily basis and stay above this level in order to continue higher towards our target of $1,955. As long as price remains above $1,882 which was our stop from our latest trading plan, we remain optimistic. Breaking below $1,882 will cancel all short-term bullish scenarios.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Viele Grüße,
Analytiker: Alexandros Yfantis
InstaForex © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.


Können Sie momentan nicht telefonieren?
Dann stellen Sie Ihre Frage im Chat.