For Traders

Analytical Reviews

Technical analysis

24.06.201917:12 Forex Analysis & Reviews: Gold price could reach $1,440-45 before a meaningful pull back

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 has broken through the important resistance of $1,350-60 and is now trading above $1,400. Trend remains bullish and although the short-term oscillators are in overbought territory, we could see this upward move continue higher towards $1,440 before a meaningful pull back.

Blue line - major resistance

Red line - major support

Red rectangle - horizontal resistance

Gold price has reached the 100% extension of the first upward move from $1,270. Price could continue higher towards the 161.8% Fibonacci extension. Trend remains bullish and even a pull back towards $1,360 would not be a surprise. However at this point such a pull back would be considered as a back test of the break out area. The recent rise in price has been vertical. If price stabilizes and creates a $10-$15 trading range this would be a bullish sign. If price pulls back below the break out area this would be a bearish sign. So far bulls remain in control and have the upper hand.

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.