empty
 
 
09.04.2021 08:40 AM
Gold At Resistance! What Now?

Gold is dropping at the time of writing after reaching a new upside obstacle. Still, the decline could be only a temporary one before resuming the upwards movement.

The yellow metal drops as the USD starts to appreciate versus its rivals. XAU/USD could test and retest the immediate downside obstacles before jump higher. The US Core PPI, PPI, and the Final Wholesale Inventories could bring more volatility later today.

XAU/USD Slips Lower!

This image is no longer relevant

Gold is losing ground. having reached 1,755 static resistance and now is trading back below the ascending pitchfork's median line (ml). Closing below the weekly R1 and under the daily pivot point (1,749) could signal a temporary decline towards the daily S1 (1,739).

As you already know from my analysis, the price of gold will develop a broader upwards movement if the makes a valid breakout above 1,755.

XAG/USD Outlook!

We may have a good long opportunity if the rate jumps and closes above 1,758 former high with a first upside target at 1,800.

Ralph Shedler,
Analytical expert of InstaForex
© 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.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 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