empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

15.08.201917:41 Forex Analysis & Reviews: Gold 08.15.2019 - Gold in the buy zone

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 continues to trade sideways inside the flag pattern. I expect more upside to come on the Gold due to strong underlying bullish trend.

Exchange Rates 15.08.2019 analysis

Red line – expected path

Blue rectangle – Resistance 1 ($1,533)

Blue rectangle – Resistance 2 ($1,550)

Yellow rectangle – Support ($1,505)

Gold price continues to trade inside the range of the flag pattern. Support is at $1,505 and resistance at $1,533. The break above $1,523 could give us a target of around $1,533-$1,550. Bulls are in control I so far I don't see any reversal signal. As long as the Gold is trading above the $1,505 level, you should watch for long positions.

MACD is holding into positive territory, which is good confirmation for my long bias...

Petar Jacimovic
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off