empty
 
 
04.05.2022 01:35 PM
Analysis of Gold for May 04,.2022 - Potential for another drop towards $1.820 and $1.790

Technical analysis:

This image is no longer relevant

Gold has been trading sideways today at the price of $1.866 but I see potential for the downside continuation of the larger degree trend.

Trading recommendation:

Due to the strong downside cycle on the Gold, I see potential for the downside continuation.

Watch for potential selling opportunities on the rallies with the downside objectives at the price of $1.820 and $1.790.

MACD oscillator is showing strong downside momentum, which is another confirmation that sellers are in control.

Stochastic oscillator is showing fresh bear cross, which is another sign for the downside continuation.

Key resistance is set at the price of $1.885

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