19.04.202320:28 Forex Analysis & Reviews: Technical analysis on Gold for April 19th, 2023.

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.

Blue lines- bullish channel

Red lines- bearish divergence

Gold price had a volatile day today. Price made new lower lows at $1,968 briefly breaking below key short-term support of $1,990. Bulls stepped in and pushed price back above $1,990. A daily close below $1,990 would be a sign of weakness. As we mentioned in previous posts, the bearish RSI divergence suggests that there is limited upside potential and that price is vulnerable to a pull back. Our most probable target is the lower channel boundary around $1,900.

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.