25.09.201808:48 Forex Analysis & Reviews: Technical analysis of Gold for September 25, 2018

Long-term review

Gold price continues to trade around $1,200. Price bounced off the $1,192 low towards $1,203 as a back test of the broken resistance and got rejected. Gold bulls need to break above $1,211 for a move higher. As long as price is below that level, they are in danger of seeing another sell off.

Exchange Rates 25.09.2018 analysis

Red line - resistance

Blue line - support (broken)

Green lines - bearish channel

Gold price has short-term resistance at $1,205. Channel resistance is at $1,207 and the trend line resistance touching previous highs is also at $1,210. So the area between $1,205-$1,210 is an important resistance area and as long as price is below it, I expect another strong sell off that will eventually break $1,180. Support is at recent lows of $1,192. Breaking it of course would be a sign of weakness.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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