For Traders

Analytical Reviews

Technical analysis

17.05.201917:30 Forex Analysis & Reviews: Analysis of Gold for May 17, 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 has been trading downwards as we expected. The price tested the level of $1.275. We still expecting more downside.

According to the 4H time-frame, we found that there is the breakout of the upward trendline (green line), which is sign that sellers are in control. We also found potential completion of the ABC upward correction, which adds even more weakness on the Gold. Our advice is to watch for potential bear flag in order to build more short positions.

Downwards reference is set:

$1.266

Upward references are set:

Swing high – $1.288

Major high – $1.302

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.