empty
You are about to be redirected to
www.instaforex.com
The services on this website better suit your location
 
 
Open Account

13.05.202215:07 Forex Analysis & Reviews: Gold challenges major support

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 reached our second target of $1,825 and is now trading around $1,810. Trend remains bearish. Price is trading slightly below the major weekly trend line support. Bulls need to step in and push price higher. If price bounces from current levels, then we have confirmation that this is a support area. Also using the Ichimoku cloud indicator we get similar conclusions.

Exchange Rates 13.05.2022 analysis

In Ichimoku cloud terms, Gold price is challenging the weekly Kumo (cloud). Trend is bearish in the short-term but price has now reached important cloud support. Will price respect the cloud support? We are currently at a price level where a bounce is justified. Traders need to be cautious.
Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2022

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.