For Traders

Analytical Reviews

Technical analysis

27.08.201809:11 Forex Analysis & Reviews: Technical analysis of Gold for August 27, 2018

Long-term review

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 broke and closed the week above $1,200. Trend is bullish. Gold price made a shallow pull back as expected at the 38% Fibonacci retracement and then broke higher to new highs. Gold price is expected to continue higher but could first see a back test of $1,200.

Red line - support trend line

Green rectangle - bulls line in the sand support

Blue lines - expected path

Gold price has major support at $1,182 and for the trend to remain bullish we need to stay above this level. The first warning for bulls will come if price breaks below the red trend line support at $1.190. Bulls would ideally want to see another shallow pull back and back test of $1,200 and then a break higher. Short-term target remains at $1,220 given from our previous analysis.

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.