Gold price made a higher high yesterday closer to our target area of $1,240. Price has reached the equality target relative to the first leg up from August lows, but as long as we hold above $1,200 I will be expecting a move to higher highs.
Red lines - trading range
Green lines - long-term bearish channel
Blue Fibonacci extension- Fibonacci targets
Gold price continues to trade above the bearish long-term channel and the trading range it was in for more than a month. Price is making higher highs and higher lows confirming the short-term bullish trend it is in. Short-term support is at $1,208 at the upper boundary of the trading range. Resistance is at $1,236 where we find the equality target relative to the first leg higher. A pullback towards $1,214-10 is not out of the question once we reach our first target area.
*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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.