empty
 
 
06.05.2021 03:03 PM
Gold price could soon give a bullish signal with $1,837 as target

Gold price is trading very close to important short-term resistance. Price as we mentioned in a previous analysis is trading inside a trading range and if price breaks out of the trading range, we will have a trading signal.

This image is no longer relevant

Black line - upper boundary of trading range

Blue line -lower boundary of trading range

Red lines - expected size of upward move if resistance is broken.

Gold price is trading very close to the $1,799 resistance. Breaking above it will give an upward thrust to price equal to the size of the trading range. This bullish signal if given, will give $1,737 as the first target. Bulls need to continue making higher highs and higher lows and they can achieve even higher levels above $1,837. Support is at $1,787 and if broken there is danger that we could see another pull back towards the lower boundary of the trading range. Breaking the lower boundary will open the way for a decline towards $1,740.

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