30.09.202016:39 Forex Analysis & Reviews: Technical analysis of Gold for September 30, 2020

Gold price has bounced towards the key resistance of $1,900 that was once support. Price has stopped the advance higher at $1,899 and is now trading at $1,884. The chances for a rejection and move lower are higher than a move above $1,900.

Exchange Rates 30.09.2020 analysis

Red rectangle - major resistance

Green rectangles - short-term support levels

Gold price has support at $1,874-77 and next at $1,848-52. Bear want to see price get rejected at the red rectangle and push below the green rectangles. Bulls want price to start making higher highs and higher lows and eventually to recapture $1,900. I expect Gold price to get rejected and move lower. As long as price is below $1,900 I remain bearish.

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

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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