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Gold price as expected has reached the lower boundary of the medium-term bullish channel. Price is now shows signs of a reversal and that support is being respected. This could lead even to new 2019 highs.

Exchange Rates 11.09.2019 analysis

Red lines - bullish channel

Green line - major trend line support

Gold price has reached $1,484 and has started to bounce. Respecting the channel could lead to a new move higher so bulls need to start seeing higher highs and higher lows. Gold price should stay above $1,484 in order for the move higher to be confirmed. Breaking below $1,484 would be a sign of weakness.

Exchange Rates 11.09.2019 analysis

Gold price is above the Daily Kumo. Trend remains bullish. Although price has broken below both the tenkan- and kijun-sen indicators, the Chikou span remains above the price. Resistance is at $1,520. A daily close above it would be a sign of strength. This would increase the chances of breaking to new higher highs. The longer price stays below $1,520, the higher the chances of moving lower towards cloud support.

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

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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