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15.09.202023:13 Technical analysis of Gold for September 16th, 2020

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Gold price has broken out of the triangle pattern. This is a bullish sign. Price has now pulled back for a back test. Price should now bounce higher and break above recent highs at $1,972. The horizontal resistance at $1,990 remains intact.

Exchange Rates 15.09.2020 analysis

Pink lines - triangle pattern

Gold price is out of the triangle pattern. Price is on top of the upper triangle boundary as a back test. For price to continue higher we need to see immediate bounce off the triangle boundary and a break of the horizontal resistance at $1,972 and next at $1,990. Unless price breaks these two levels, we cannot expect a move above $2,000 towards $2,100. Support is found at $1,940 and next at $1,910. Breaking below $1,940 will put $1,910 in danger. Breaking below $1,910-$1,900 will open the way for $1,800-50.

Performed by Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2020

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