empty
 
 

Forex Analysis & Reviews: GOLD Bullish Engulfing Saves The Uptrend!
time 03.07.2020 10:06 AM
time Relevance up to, 04.07.2020 10:06 AM

Gold has decreased a little in the short term, but the uptrend is still intact, so you could still look for buying opportunities. The yellow metal is traded at $1,775 level and it is expected to resume its upside movement after the minor retreat.

Yesterday's mixed US data has lifter the gold price, a USD's decline versus its rivals will push the yellow metal towards fresh new highs. The COVID-19 second wave fear and the global risk, global economy slow recovery, could attract more buyers in the weeks to come.

This image is no longer relevant

Gold has registered only a false breakdown below the median line (ml) and below the Pivot Point ($1,764) level, confirming once again a potential further growth. I've said yesterday that a further increase could be invalidated only by a valid breakdown below the mentioned near-term support levels.

So, the outlook is bullish in the short term as long as the price stays above the median line (ml) of the ascending pitchfork. The first upside target remains at the R1 ($1,785) level, only a valid breakout will announce a potential broader growth.

  • GOLD Trading Tips

Buy if the gold price will make a valid breakout above the R1 ($1,785) and most important if it will make another higher high, to close above the $1,789 level. The $1,800 and the upper median line (uml) of the orange pitchfork could attract the price.

Sell only if the gold price will drop and close below the $1,757 yesterday's low. A potential decline could be announced also by a valid breakdown below the median line (ml).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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.

  • 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
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    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

Video market update for December 07, 2022

Watch for buying opportunities on the Gold

Petar Jacimovic 09:39 2022-12-07 UTC+2

Indicator analysis: Daily review of GBP/USD on December 7, 2022

The pound-dollar pair may move downward from the level of 1.2128 (closing of yesterday's daily candle) to 1.2061, the 23.6% retracement level (yellow dotted line). In the case of testing

Stefan Doll 09:05 2022-12-07 UTC+2

GBPUSD analsysis for December 00, 2022 - Potential for the upside continuation

Technical analysis: GBP/USD has been trading downside and the price has reached strong support at the price of 1.2100. I see potential for frutehr growth. Trading recommendation

Petar Jacimovic 08:50 2022-12-07 UTC+2

Indicator analysis: Daily review of EUR/USD on December 7, 2022

The euro-dollar pair may move downward from the level of 1.0465 (closing of yesterday's daily candle) to the 1.0437 support level (thick blue line). When testing this level, an upward

Stefan Doll 08:50 2022-12-07 UTC+2

Analysis of Gold for December 07,.2022 - Key support on the test and potential for fruther growth

Technical analysis: Gold has been trading sideways at the price of $1.773. Anyway, I see that key support is on the test and there is potential for the further growth

Petar Jacimovic 08:43 2022-12-07 UTC+2

Euro is trading inside a range

EUR/USD A correction is seen in the US stock market. A strong support is needed to trigger a rally. With euro, the situation is different as it is moving within

Jozef Kovach 08:06 2022-12-07 UTC+2

Technical Analysis of Daily Price Movement of the GBP/AUD Cross Currency Pair Wednesday, December 07, 2022.

With the GBP/AUD price movement on the daily chart still moving above its 50 MA and the formation of the Bullish 123 pattern followed by Ross Hook (RH)

Arief Makmur 05:55 2022-12-07 UTC+2

Technical Analysis of Daily Price Movement of USD/JPY Major Currency Pairs, Wednesday December 07, 2022.

With USD/JPY stuck at the level of the Fair Value Gap area (Pink Box) on the daily chart, now the main currency pair has the potential to depreciate

Arief Makmur 05:55 2022-12-07 UTC+2

Trading Signal for Gold (XAU/USD) on December 07-08, 2022: sell in case of pullback at $1,784 or below $1,765 (+1/8 Murray - 21 SMA)

Early in the European session, Gold (XAU/USD) is trading around 1,773 above the uptrend channel and below the 21 SMA located at 1,784. We see a consolidation in the last

Dimitrios Zappas 05:27 2022-12-07 UTC+2

Forecast for EUR/USD on December 7, 2022

Yesterday at the close of the session the euro broke support at 1.0470. Stock and commodity markets closed the day lower and we can assume that the currency market

Laurie Bailey 04:18 2022-12-07 UTC+2
Can't speak right now?
Ask your question in the chat.