For Traders

Analytical Reviews

Technical analysis

19.10.201807:40 Forex Analysis & Reviews: Technical analysis of Gold for October 19, 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 pulled back below $1,220 but prices moved back up again towards $1,230. Gold price is in a short-term consolidation phase. We cannot rule out a move lower towards $1,210 as long as price is below $1,233.

Red lines - long-term bearish channel

Green rectangle - support area

Red rectangle - resistance area

Green lines - expected price path

Gold price is consolidating above the break out area of $1,207-12. Price has given us a bullish signal and the first target of $1,220 has been achieved. Now we expect prices to move sideways or lower towards $1,210 for a back test of the break out area. Resistance is at $1,232-33. Breaking above this level will decrease dramatically any chances for a pull back towards $1,210. Next target is at $1,250-60.

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.