09.11.202209:33 Forex Analysis & Reviews: Analysis of Gold for November 09,.2022 - Bull flag pattern and potential for bullish continuation

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.

Technical analysis:

Gold has been trading upside with the strong momentum in the background and I see potential for the upside continuation due to the bullish flag pattern.

Trading recommendation:

Due to the narrow pullback and bull flag pattern in creation, I see potential for further rally towards next upside reference.

Watch for buying opportunities with the upside objective at $1.724

Stochastic oscillator is showing fresh bull cross of the oversold condition, which is good sign for further upside continuation.

Intraday support is set at the price of $1.706

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.