21.10.202115:36 Forex Analysis & Reviews: Gold still below key resistance.

Gold price is trading around $1,780 as bulls try to break above the key downward sloping resistance trend. Gold price has bounced back up from the cloud support at $1,770, but has not broken yet above the blue downward sloping resistance trend line.

Exchange Rates 21.10.2021 analysis

Blue line- resistance trend line

Gold price is still below the key resistance trend line. A rejection at current levels will most probably bring Gold price towards $1,760. This week's low at $1,759 is the most important short-term support level. As long as this support level holds, bulls have hopes for a break above the $1,790-$1,800 resistance. Breaking above $1,790-$1,800 will push price towards $1,860. Otherwise we should prepare for a strong sell off below $1,700.

*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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