empty
 
 
24.06.2021 07:21 PM
Short-term technical analysis on Gold.

Gold price remains below $1,800 and seems like it is consolidating above $1,770 support. This consolidation is most probably a pause to the downtrend that started from $1,916 at the beginning of June. Gold price is still vulnerable to a move lower towards $1,740.

This image is no longer relevant

Blue line -support

Gold price is hovering above the short-term support at $1,770. As long as this support holds I expect Gold price to continue its bounce at least towards $1,815. There we find the first important Fibonacci resistance. Failure to hold above $1,770 will open the way for a move towards $1,750-40 as we explained this scenario in a previous post. The decline that started at $1,916 is still not finished.

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 $9000 more!
    In May we raffle $9000 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
  • 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

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