For Traders

Analytical Reviews

Technical analysis

14.05.201922:11 Forex Analysis & Reviews: Gold bulls need to retake $1,300 and hold above $1,276

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 has recently broken important technical resistance levels and is showing reversal signs. Gold price has started making higher highs and bulls now look for the possibility of a larger upward move towards $1,350-60.

Black line - downward sloping trend line resistance

Blue line -horizontal support

Green line - upward sloping trend line support

Gold price has broken above $1,288-90 resistance and is showing reversal signs. With the RSI having lots of room to the upside until it reaches overbought levels, Gold price has the potential to continue the move higher after bottoming at $1,266 and touching the green upward sloping trend line for the fourth time. Support is at $1,276 and is critical for bulls to hold above it. Resistance is found at $1,300 and recapturing this level would be an important win for bulls. As long as Gold is above $1,276 we see the bullish scenario as the most probable one.

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.