empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

22.06.202017:46 Forex Analysis & Reviews: Gold price breaks out of the two month trading range.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price has broken above $1,750 and is heading towards our target of $1,780. Price is breaking above the trading range its been in for the last two months and more. This is an important break out.

Exchange Rates 22.06.2020 analysis

Blues lines - trading range

Black line -resistance trend line

Red lines - Fibonacci targets

The RSI is breaking above the resistance trend line. Price is making new highs. Price is showing bullish signs. There is also another bullish pattern in play here that traders should not ignore. An inverted bullish head and shoulders pattern.

Exchange Rates 22.06.2020 analysis

Red lines - Head and shoulders

Black line - neckline

Gold price is breaking above the neckline resistance. This is a bullish sign. As long as price is above we remain short-term bullish. Our head and shoulders pattern target is at $1,820.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off