26.02.202123:01 Forex Analysis & Reviews: Gold price at its weekly lows

Gold price today broke below the double bottom formation and the November low at $1,763. Price has sharply moved lower towards $1,730 as expected by our previous analysis, making a low at $1,716. Short-term trend remains bearish.

Exchange Rates 26.02.2021 analysis

Blue lines - bearish channel

Red line - long-term support trend line

For some time in our analysis we pointed out that as long as price is below $1,850 the key pivot level, price was vulnerable to a move towards $1,750-$1,700. Also our Ichimoku cloud analysis has also pointed out that Gold was about to test major cloud support around $1,700. Today Gold price has reached the lower channel boundary and is very close to the long-term upward sloping support trend line at $1,690. So far there is no sign of a reversal or that of a major bottom.Gold bulls tried mid week to push price back above $1,820-30 but failed to do so. Price made another lower high and is now making lower lows. The Daily RSI is still making new lows and not in oversold area. Resistance is found now at $1,760, previous support. Any bounce should find strong resistance at $1,760 and next at $1,810.

*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
Tập đoàn InstaForex © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

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.


Không thể nói chuyện ngay bây giờ?
Đặt câu hỏi của bạn trong phần trò chuyện.