empty
 
 
22.11.2019 08:50 AM
Gold price expected to move higher towards $1,480

Gold price got rejected at the 38% Fibonacci retracement earlier this week but we see the potential of a move higher towards $1,480 and the 50% Fibonacci retracement at least. Gold price seems to be supported and as long as price is above $1,460 the chances favor bulls for a short-term bounce higher.

This image is no longer relevant

Black line - short-term support

Red line - short-term resistance

Orange rectangle- short-term target

Green line- major resistance trend line

Gold price is holding above the black upward sloping trend line support. Bouncing off this support could lead to a move towards the red resistance trend line and the orange rectangle target area. In previous posts we noted the high chances of a bounce when Gold was trading below $1,460. Our initial target was $1,470-75 and next the 61.8% Fibonacci retracement at $1,490 which was also critical support, now resistance. Recent price action has made it more clear to us that the upside target should be $1,480. We still consider this bounce as a selling opportunity.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback