empty
 
 
18.06.2020 04:51 PM
Gold bulls unable to reclaim key resistance

Gold price briefly pushed above $1,730 key resistance today but sellers were stronger and price is making a bearish reversal now. Price is entering the short-term Ichimoku cloud now and combined with the rejection at the $1,730 resistance, this is a bearish sign.

This image is no longer relevant

Gold price is again below both the tenkan-sen and kijun-sen. Bulls did not want price to get rejected at $1,730 and definitely they did not want price to break inside the cloud. Price has now potential to move towards $1,706 support and the lower cloud boundary. Breaking below this level would be a bearish sign. Resistance remains at $1,730. In order for the bullish scenario to be confirmed, we need to see price break this resistance. Today's price action confirms the importance of this resistance level. Let's see now if support holds. Bulls are still alive but need to come back if they want to see price move higher towards $1,780.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
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 $1000 more!
    In February we raffle $1000 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback