28.10.202023:35 Forex Analysis & Reviews: Gold price rejection at cloud resistance

For the last few sessions we have been warning bulls that as long as Gold price is below the Kumo resistance it is vulnerable on a move lower. We specifically noted that key support was at $1,892 and a break below it would be our next bearish signal.

Exchange Rates 28.10.2020 analysis

Gold price has broken below the kijun-sen (yellow line indicator) and below the $1,892 low. This is the bearish signal we were expecting. What bears want to see now is the tenkan-sen (red line indicator) cross below the kijun-sen and the Chikou span (black line indicator) to fall below the cloud. Next support for Gold is at $1,850. I expect price to break below it towards $1,800. I'm bearish as long as price is below $1,913.

*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 © 2007-2020
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