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14.10.202109:48 Forex Analysis & Reviews: Gold challenges major trend line 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 managed to close above $1,770 yesterday with a strong bullish candle. Although the upside move was impressive and Gold closed close to $1,800, price is now facing an important resistance trend line that should not be ignored.

Exchange Rates 14.10.2021 analysis

Blue line - resistance trend line

Gold has resistance at $1,797-$1,800. Short-term trend is bullish as price is making higher highs and higher lows since the low at $1,721. A rejection at $1,800 would be a sign of weakness. Support remains key at $1,745-50 and as long as price is above this level, bulls have hopes for more upside. Of course a break above $1,800 if maintained, it would be an important bullish signal as well.

Alexandros Yfantis
Analytical expert of InstaForex
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