19.08.202220:04 Forex Analysis & Reviews: Gold reaches our next target and remains under pressure.

Exchange Rates 19.08.2022 analysis

Red lines -bearish channel

Blue lines- Fibonacci retracements

Gold price reached earlier today our second target at $1,743. Price has reached the 50% Fibonacci retracement and continues making lower lows and lower highs. Our analysis yesterday mentioned the $1,743 price level as the next target. We warned Gold bulls at $1,800 that Gold was vulnerable to a move lower and justified such a pull back at least towards $1,750. Next target is the 61.8% retracement at $1,729. Resistance is at $1,757 and next at $1,771.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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