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16.10.202014:21 Gold bulls try to break resistance

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 is trading above $1,900 again and is challenging important short-term resistance at $1,910-15 area. Gold bulls need to continue making higher highs and higher lows and in order to resume the up trend towards $1,955 and maybe higher.

Exchange Rates 16.10.2020 analysis

Blue lines - bullish channel

Green rectangles - higher lows

Red line - horizontal resistance

Red rectangle -target

Gold price target remains at $1,955 as long as price remains above the green rectangles. Bulls need to break above $1,910-15 on a daily basis and stay above this level in order to continue higher towards our target of $1,955. As long as price remains above $1,882 which was our stop from our latest trading plan, we remain optimistic. Breaking below $1,882 will cancel all short-term bullish scenarios.

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

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