For Traders

Analytical Reviews

Technical analysis

14.02.201909:02 Forex Analysis & Reviews: Technical analysis for Gold for February 14, 2019

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 tried to break above resistance at $1,317 yesterday but got rejected. This was a bearish sign and that is why Gold price is back below $1,310. Price however still holds above support of $1,300.

Purple lines - bullish channel

Yellow rectangle -major short-term support

Black rectangle - important short-term resistance

Gold price remains inside the medium-term bullish channel. As long as price is above $1,275-80 trend remains bullish. However we have noted a few days back that after reaching our $1,320 Gold price should see a pullback at least towards $1,300. The pullback was fast towards $1,302 and I do not think it is over. As I said yesterday, I prefer to be neutral or bearish as long as we trade below $1,317. A new minor low below $1,302 is the minimum expectation at current stage.

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.