For Traders

Analytical Reviews

Technical analysis

23.08.201916:24 Forex Analysis & Reviews: Gold 08.23.2019 - Further rally in the play

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 did exactly what I expected yesterday and my first target at the price of $1,508 has been reached. The momentum did start to pick up and there is a chance for breakout of the resistance trendline (downward slopping black line).

Green rectangle – Resistance 1

Yellow rectangle – Second upward target

Black upward lines – Expected path

Bullish divergence on the MACD oscillator is still present and now the resistance at the price of $1,508 is on the test. Watch for potential breakout of the $1,508 level to confirm further upside. I placed stop loss on the breakeven from yesterday and I do expect breakout. The upward target is set at the price of $1,525.

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.