For Traders

Analytical Reviews

Technical analysis

11.05.202215:13 Forex Analysis & Reviews: Short-term technical analysis on Gold.

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 continues to move lower towards our $1,825 target area. Trend remains bearish as Gold price continues making lower lows and lower highs. Major weekly support is found around $1,830. So far we haven't seen any sign of a reversal.

Red line - resistance

Black line- major support trend line

As long as Gold price is below the red downward sloping resistance trend line at $1,870, bears will remain in control of the trend. Support by the black upward sloping trend line is at $1,825-30. Failure to hold above this level would be an added bearish signal. The next couple of trading sessions will be decisive to see if we form an important low just above the weekly support, or we break below support to move even lower towards $1,750.

Back to the list

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.