empty
 
 
08.07.2020 11:45 AM
GOLD Flirting With Psychological Resistance!

Gold has resumed the bullish movement and now is pressuring the $1,800 level. Technically, the price is expected to take out this obstacle and to approach and reach fresh new highs. The uptrend was confirmed by several retests of a dynamic support, I believe that only a significant reversal pattern on the $1,800 could send the quote down again.

The gold price has resumed the uptrend, neglecting the latest US data. The global risk is high and the yellow metal is very attractive. The USD further drop could attract more buyers.

This image is no longer relevant

The gold price was rejected by the median line (ml) and by the PP ($1,773), confirming further growth. The aggressive breakout above the sliding line (sl) and above the R1 ($1,790) has suggested buying.

The upper median line (uml) of the minor orange ascending pitchfork could attract the price as long as it is trading above the inside sliding parallel line (sl). The R3 ($1,821) is seen a potential target as well.

  • GOLD Trading Opportunity

The last bullish candle has signaled a further increase, but we still need confirmation, so maybe you should wait for a valid breakout above the $1,800 psychological level before going long with a target at the upper median line (uml). The upper median line (uml) and the R3 ($1,821) could be potential obstacles/targets, a valid breakout above these levels will announce a major upside movement.

Gold is bullish as long as the price is located above the median line (ml) of the orange ascending pitchfork. Only a major bearish engulfing or a false breakout with a huge separation above the $1,800 will signal that the upside is finished.

Ralph Shedler,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2024
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.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $8000 अधिक!
    में मार्च हम आकर्षित करते हैं $8000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback