empty
 
 

02.12.202123:51 Forex Analysis & Reviews: Gold price volatility to rise soon.

Gold price remains under pressure. Price has formed a downward sloping wedge pattern and with the RSI forming bullish divergences, I favor a reversal to the upside rather than a sharp move lower.

Exchange Rates 02.12.2021 analysis

Red line - bullish divergence

Green lines - wedge pattern

Black lines- Fibonacci retracement

Gold price is trading below $1,770. Short-term trend remain bearish as price is making lower lows and lower highs. Price has retraced more than 61.8% of the latest rise from $1,720, but price continues to respect the 78.6% retracement level. Support is at $1,750 next. This is the last stand for bulls. Breaking below it will open the way for a move below $1,720. The bullish RSI divergence and the wedge formation, tell me that there are more chances of a coming upward reversal. I expect volatility to rise soon and most probably provide an upward break out. Previous support at $1,780 is now key short-term resistance. Bulls need to break above it.

*Analiza de piață publicată aici este menită să vă sporească conștientizarea, nu pentru a oferi instrucțiuni pentru a efectua un schimb.

Alexandros Yfantis,
Expert analitic al companiei InstaForex
© 2007-2022
Beneficiați de recomandările analiștilor chiar acum
Cont de tranzacționare top-up
Deschideți un cont de tranzacționare

Recenziile analitice InstaForex vă vor face pe deplin conștient de tendințele pieței! Fiind client InstaForex, vi se oferă un număr mare de servicii gratuite pentru tranzacționare eficientă.

Nu puteti sa vorbiti acum?
Puneti intrebare in chat.